EUR/JPY cross has almost recovered its intraday losses, struggling below the session’s opening bid at 158.71 during the European trading hours on Thur
EUR/JPY recovered its intraday losses before the ECB policy decision. ECB is expected to keep the deposit rate unchanged at 4.0%. ECB might have intervened in the FX market to support the Japanese Yen. sday. The cross receives upward support ahead of the Monetary Policy Statement from the European Central Bank due to be released later in the day. This Eurozone’s inflation levels surpass the ECB's target and mounting concerns about the risk of a slowdown or stagflation in the European zone.
The Yen exhibited improvement against the US Dollar during the European session, but the extent and rapidity of the decline raise suspicions, prompting consideration that it might make more sense for Tokyo to intervene. Earlier in the day, Japan’s Deputy Chief Cabinet Secretary Murai Hideki took center stage, communicating through Reuters that maintaining stable currency movements aligned with fundamentals is of utmost importance.
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