FX.co ★ Daily analysis of EUR/JPY for February 10, 2017

Overview

The EUR/JPY pair rallied above 120.60 level attempting to regain the bullish bias but formation of a new resistance at 121.60 level might decelerate the bullish rally during the current trading. Therefore, we expect the price confinement in sideways range between the mentioned levels until there will be a new signal that supports detecting the main trend in the upcoming period. Note that breaching the barrier at 121.60 will confirm regaining of the bullish bias to renew forming of the bullish trading to target 123.10 level, reaching the top at 124.05. At the same time providing negative trading below 120.60 will put it under the effect of the bearish correctional bias, to be attracted to 118.60. The expected trading range for today is between 120.60 and 121.60.