The EUR/JPY pair aims for a sustainable break above 166.00 in Wednesday’s European session.
EUR/JPY sees more upside above 166.00 as upbeat Eurozone Q3 flash GDP has improved the Euro’s outlook. The German economy returns to growth, surprisingly roseby 0.2% in the third quarter of the year. Investors await the BoJ meeting to get cues about Yen’s outlook. The cross strives to gain further as the Euro’s outlook has improved after a slew of economic data from the Eurozone and its major regions.
Meanwhile, the return of the German economy to growth after a contraction in the second quarter has also strengthened the Euro. The German economy unexpectedly grew by 0.2% while economists estimated a steady decline of 0.1%. Also, flash Harmonized Index of Consumer Prices in six German states has come in hotter-than-expected, prompting traders to pare European Central Bank dovish bets for the December meeting.
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