EUR/JPY hovers below 20-day SMA

EUR/JPY pair fluctuates in the lower Bollinger band part between a 127.00 benchmark and the 20-day SMA at 128.85. Since the majority of European central banks are on holiday and today there are no important macro news from Japan or Europe scheduled, it is very likely that the pair will remain in the channel for the rest part of the session. However, tomorrow the ECB meeting will spark stronger momentum according to a decision by the executive board. An upside movement might be suspended by the upper Bollinger band at 130.93 and a downside may face the 55-day SMA at 125.10.

Bulls lost the very last advantage over bears, as both sides possess exactly the same share in an opened positions market. Pending orders segment is gently bullish with 59% of long orders.