FX.co ★ Daily analysis of EUR/JPY for May 29, 2017

Overview

The EUR/JPY pair was forced to start correctional bearish trading by fluctuating below the initial support at 124.75 today. Meanwhile, we expect moving towards the 55-moving average around 123.80. Breaking this barrier will extend the correctional bearish trading to reach another negative level that starts at 123.15 and extend to 121.90. Stochastic attempt to exit the oversold areas might force the price to provide intraday sideways trading until gaining new negative momentum that allows it to reach our expected correctional downward targets. The expected trading range for today is between 124.75 and 123.15