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Reading: EUR/JPY stays under pressure near one-month low, stays above 170.00 level
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Gulf Press > Business > Forex > EUR/JPY stays under pressure near one-month low, stays above 170.00 level
Forex

EUR/JPY stays under pressure near one-month low, stays above 170.00 level

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Last updated: 2024/07/23 at 4:45 AM
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The EUR/JPY cross is trading lower for the third consecutive day, indicating a negative bias despite holding above the key psychological level of 170.00. The Japanese Yen is receiving support from speculation that the Bank of Japan may raise interest rates at its upcoming meeting and suspicions of intervention to support the currency. The uncertainty surrounding US politics is also causing investors to seek safety in the JPY, putting pressure on the EUR/JPY cross.

On the other hand, the Euro is benefitting from a weaker US Dollar and a positive risk sentiment in the market. The European Central Bank has downgraded its economic outlook for the Eurozone, potentially leading to a rate cut in September. Despite this, a combination of factors may help limit losses for the EUR/JPY cross, including dovish expectations for the Federal Reserve and a generally positive risk tone.

Traders are advised to monitor the release of flash PMI prints on Wednesday, which will provide insight into the global economic health and impact demand for the safe-haven JPY. Any significant developments in the broader risk sentiment could influence the direction of the EUR/JPY cross in the near future. Given the current market conditions, it would be wise to wait for a break below the 170.00 level before considering any further downside momentum from the recent highs.

Overall, the EUR/JPY cross is facing downward pressure due to JPY buying, potential BoJ rate hikes, and US political uncertainty. However, the Euro’s relative strength against the USD and positive risk sentiment could help support the cross in the near term. Traders should remain vigilant and responsive to upcoming economic data releases and broader market sentiment to navigate the current market conditions effectively.

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News Room July 23, 2024
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