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    Daily analysis of EUR/JPY for June 17, 2016

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    Overview

    The EUR/JPY pair succeeded to form a strong negative attack yesterday to surpass the first waited target at 115.50 mentioned in our previous report. While the positive rebound is caused by stochastic rally towards the overbought areas, the stability of 118.73 resistance allows us to suggest more negativity in the upcoming period. Therefore, we expect that the price will try to gather new negative momentum in the nearest term, and it will again form negative waves and renew the pressure on yesterday's low to attempt to reach 114.40. This level represents the main target on the short and medium term basis. The expected trading range for today is between 118.00 and 114.40 levels.


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