The EUR/JPY pair kept the bullish bias to reach 123.65 yesterday, that was influenced by the stability of the initial support at 122.00 level. The price might be forced to provide some sideways trading today due to stochastics’ attempt to surpass the overbought level, but the stability of the initial support makes us wait until a new bullish momentum is gathered. This allows the price to reach the target of 124.15. If the level is surpassed, it will open the way up towards 126.15, which forms the next target for the bullish bias. The expected trading range for today is between 122.60 and 124.15
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The EUR/JPY pair kept the bullish bias to reach 123.65 yesterday, that was influenced by the stability of the initial support at 122.00 level. The price might be forced to provide some sideways trading today due to stochastics’ attempt to surpass the overbought level, but the stability of the initial support makes us wait until a new bullish momentum is gathered. This allows the price to reach the target of 124.15. If the level is surpassed, it will open the way up towards 126.15, which forms the next target for the bullish bias. The expected trading range for today is between 122.60 and 124.15
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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