The EUR/JPY pair aims to extend its rally above the immediate resistance of 166.00 in Tuesday’s North American.
EUR/JPY eyes above 166.00 amid weakness in the Japanese Yen. The BoJ seems incapable of hiking interest rates further. Investors await Eurozone macroeconomic data and the BoJ policy announcement. The cross remains firm as the Japanese Yen weakens across the forex domain amid expectations that the Bank of Japan is incapable of hiking interest rates further in the remaining year.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
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