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- Commerzbank (based on FXStreet)
Pair's Outlook
The European single currency appreciated 78 pips against the Japanese Yen, successfully climbing over the 122.00 handle yesterday. There are no significant market drivers present today, thus, the Euro is expected to struggle to pierce the 20-day SMA at 122.23. As a result, the given cross is to fall back into the red zone, with the immediate support, namely the weekly and the monthly PPs, doubtfully limiting the losses. The pair is to return back under the 122.00 level again, even though technical studies are unable to confirm this scenario. Nevertheless, the Euro is unlikely to drop far below 122.00.
Traders' Sentiment
Bullish market sentiment remains unchanged at 55% today. At the same time, all pending orders because equally divided between the buy and the sell ones.
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