FX.co ★ Daily analysis of EUR/JPY for MaY 23, 2016

Overview

The EUR/JPY price did not provide any signals until the recent repeated confinement between 123.00 levels as an initial support and the stability of 124.60 against the last bullish attempts. Therefore, we expect the price to fluctuate in a sideways range in the near period until breaching 124.60 levels and then resuming gains and achieving the next target at 126.50. While the price declines below 123.00 levels, it will form bearish waves attempting to test the critical support again by reaching 121.30.

The expected trading range for today is between 122.60 and 124.60.