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— Commerzbank (based on FXStreet)
Pair's Outlook
Although the Euro managed to reclaim the 122.00 yen level on Thursday, it was unable to maintain trade at this area, ultimately falling under strong selling pressure on Friday. Downside volatility caused the third support area to be put to the test, but no breach is expected to occur. Even though partially, but EUR/JPY cross could still recover by the end of the day. Meanwhile, technical indicators are giving bullish signals, suggesting a recovery is possible; however, the European single currency is now likely to continue sliding down, unless it will manage to successfully close above 122.50 within the next week.
Traders' Sentiment
Market sentiment reached a perfect equilibrium today. The portion of orders to acquire the Euro inched lower in the last 24 hours, namely from 62 to 57%.
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