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- Rabobank (based on Reuters)
Pair's Outlook
The Euro plummeted more than 350 pips against the Japanese Yen yesterday, as the BoJ decided to leave its monetary policy unchanged. As a result, even the third support area was pierced, but remained close buy, unable to pierce the 122.50 level. The Yen retained its Thursday's strength and, thus, is expected to outperform the European single currency again. The closest support is located around 121.39, namely the Bollinger band, but the 122.00 psychological level should also be considered as a potential support, as it managed to prevent the EUR/JPY cross from edging lower previously.
Traders' Sentiment
Bullish traders' sentiment returned to its last Friday's level of 59%, compared to 58% yesterday. At the same time, the number of orders to acquire the Euro declined from 68 to 47%.
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