The EUR/JPY cross holds positive ground around 162.00 during the early European session on Thursday.
EUR/JPY drifts higher to near 162.00 in Wednesday’s early European session. The cross maintains a negative outlook below the 100-period EMA, with a bearish RSI indicator. The potential resistance level emerges at 162.70; the initial downside target to watch is 161.17. A record of Japan’s trade deficit data weighs on the Japanese Yen and creates a tailwind for EUR/JPY. Japan’s Merchandise Trade Balance fell into a deficit of ¥621.
The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.
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