The EUR/JPY cross remains on the defensive around 166.55 during the early European trading hours on Monday.
EUR/JPY trades on a weaker note near 166.55 in Monday’s early European session, down 0.26% on the day. The Japanese Yen’s recent rally is supported by expectations of the BOJ rate hike on Wednesday. Investors will monitor the key Eurozone/German economic data on Tuesday ahead of the BoJ rate decision. The Japanese Yen extends a rally as traders raise their bets on the prospect of a rate hike by the Bank of Japan on Wednesday.
Any signs of stronger economic growth or sticky inflation could lift the Euro and cap the downside for the cross in the near term. Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen is one of the world’s most traded currencies. 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.
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