Daily analysis of EUR/JPY for April 21, 2017

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Overview

The EUR/JPY pair touched 117.80 levels yesterday and surpassed the broken support line renewing bullish attempts and providing a positive close above this support that will threat the negative stability and help the price regain its bullish bias by consolidating within the bullish channel again. To confirm the bullish attempts, the price needs to hold above 116.80 levels providing it with positive strength that will push the price towards 118.55 followed by attempting to reach the 23.6% Fibonacci correction level at 120.70. Therefore we will expect the bullish bias in case the mentioned conditions are fulfilled. The expected trading range for today is between 116.80 and 118.55.

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Source: Forex Review