The EURJPY pair is still under the negative effect by providing frequent negative closings below 157.10 barrier, supported by the fluctuation of the moving average near it, to notice forming some negative waves recently to achieve the first target at 155.00. Now, stochastic crawl towards the oversold areas will increase the negative pressures to confirm the continuation of the negativity for the upcoming period, to expect targeting 154.55 followed by reaching 153.70 extended support. The expected trading range for today is between 156.00 and 154.55 The expected trend for today: Bearish.
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Euro declined in European trade against a basket of major rivals, sharpening losses for the second straight session against the pound, and hitting a two-week trough on prospects the ECB will cut interest rates faster this year than Bank of England. Such forecasts come as European inflation slows down to near the ECB's 2% target, while UK inflation remains more stubborn.
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