The common European currency traded with low volatility against the Japanese Yen on Friday. The currency pair was stranded between the 50-hour and 100-hour simple moving average during the previous session.
Everything being equal, it is likely that bearish sentiment will be introduced in the market today. Technical indicators suggest a southern movement during the following trading sessions.
However, the currency exchange rate needs to break out from a support cluster formed by the combination of the weekly, the monthly pivot points and the 50-hour SMA at 123.12.
