Daily analysis of EUR/JPY for May 11, 2018

analytics5af57cca8401d.png

Overview

The EUR/JPY pair failed to touch the first positive target at 131.00 yesterday. The price made a new negative move as appears on the chart. The price stability above the key support of 129.30 reinforces our bullish overview for the short term. We are waiting until the price breaches 131.00 level to open the way for more upward targets that start at 132.20. We notice a stochastic's rally above 50 level to decrease the negative pressures on the price and provide the price with a new chance to gather the positive momentum until the required breach is fulfilled. The expected trading range for today is between 129.80 and 131.00

The material has been provided by InstaForex Company - www.instaforex.com