Daily analysis of EUR/JPY for December 09, 2016

Overview

The EURJPY pair's bullish trading extended yesterday. The 123.30 level is forming a solid obstacle to bullish attempts. The price is likely to form correctional bearish bias as shown on the chart, which makes us expect more correctional negative attempts that depend on stability of the resistance line, with next targets at 120.00 followed by testing the 118.60 key support. Stochastic's exit from the overbought areas will provide the negative pressure in the near term making the price suffer more losses until reaching our targets. The expected trading range for today is between 123.30 and 120.00.The material has been provided by InstaForex Company - www.instaforex.com

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