FX.co ★ Daily analysis of EUR/JPY for December 27, 2016

Overview

The EUR/JPY price repeated negative closes below the bearish channel's resistance at 123.85 supporting expected negative attack formation. Therefore, we will keep waiting for the price to reach 121.60 and break it, which will lead the pair to targets that begin at 120.00. Stochastic attempts to support the negative expectations by its stability below 50 levels, which provide new negative momentum that increases the chances of forming bearish waves until achieving the suggested targets. The expected trading range for today is between 123.30 and 121.60.