FX.co ★ Daily analysis of EUR/JPY for May 24, 2016

Overview

The EUR/JPY price was forced to form new bearish waves yesterday, affected by the moving average negativity as it is steadily above the last trading. Besides, stochastic reached to the 20 level, forcing the price to settle below 123.00 levels. That is why we expect negativity to dominate in the near period, waiting for a test of the critical support located at 121.10, and then monitoring the price behavior to detect the main trend in the upcoming period.

The expected trading range for today is between 123.20 and 121.10.