The Euro rallied sharply against the Japanese Yen on Thursday amid a scarce economic docket.
EUR/JPY gains 0.80% as risk-on sentiment pressures safe-haven currencies like the Yen and Swiss Franc. ECB’s Klas Knot suggests room for further rate cuts, while Isabel Schnabel pushes back, citing sticky services inflation in the Eurozone. BoJ expected to leave rates unchanged, but Governor Ueda hints at potential future hikes if the economy meets expectations.
00 in a short time, it has failed to remain above the Kijun-Sen at 159.51, which opens the door for a pullback. If EUR/JPY drops decisively below 159.00, the next support would be the Senkou Span A at 158.53, followed by the psychological 158.00 figure ahead of the Tenkan-Sen at 157.55. On the other hand, if buyers reclaim 160.00, look for a test of the bottom of the Kumo at 161.90-162.00.
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