Daily analysis of EUR/JPY for July 27, 2016

Overview
The EURJPY pair made a positive intraday rebound yesterday by reaching 117.10. The negativity continuation is due to steady trading within the main bearish channel, supported by holding the initial resistance at 118.50, besides the bearish channel's resistance decline towards 120.25. Therefore, we are awaiting negative momentum once again in order to push the price to decline below 115.10 levels and increase the chances of reaching the main target at 113.00. Closing above 117.00 could postpone the negative overview and lead to mixed trading. The expected trading range for today is between 117.00 and 113.00.

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