The EUR/JPY cross remains under some selling pressure for the second successive day and drops to a two-week low, around mid-164.00s during the Asian session on Friday.
EUR/JPY drifts lower for the second successive day and slides back below the 200-day SMA. Intervention fears offer some support to the JPY and exert downward pressure on the cross. Bets for less aggressive ECB rate cuts could limit losses for the shared currency and spot prices. The downfall is sponsored by a combination of factors and drags spot prices back below a technically significant 200-day Simple Moving Average .
Donald Trump’s victory in the US presidential election fueled optimism about stronger economic growth. Adding to this, hopes for additional stimulus from China continues to boost investors' confidence and remain supportive of the upbeat mood. Investors, meanwhile, seem convinced that Japan's political landscape could make it difficult for the BoJ to hike interest rates this year.
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