- Commerzbank (based on CNBC)
The European currency edged lower against the Japanese Yen yesterday, as was anticipated, with trade closed just in front of the 132.00 major level. From this point the Euro is likely to rebound in order to preserve the consolidation trend, with the weekly PP doubtfully limiting the volatility, as it succeeded in providing neither support nor resistance. Consequently, the 133.00 area remains the ceiling for intraday gains, while the 20-day SMA at 133.50 is to limit upside volatility. Technical indicators, however, suggest the EUR/JPY might decline, with the nearest support only at 131.39.
Less traders (52%) retain a positive outlook towards the Euro, while the share of sell orders added five more percentage points, to 64%.