The EUR/JPY tipped into a fifteen-year high of 160.85 on October 31st with the Yen (JPY) continuing to collapse across the broader market as the Bank of Japan (BoJ) continues to waffle on lifting interest rates.
The EUR/JPY is seeing a relief pullback, dipping back towards 159.00. The Euro hit its highest bids against the Yen since 2008, peaking at 160.85. Dovish BoJ sapping Yen strength, EU data missing the mark. With the BoJ interest rate differential with all other major central banks continuing to widen, there's little else for the Yen to do but continue to weaken.
The BoJ's own inflation expectations don't see inflation declining below 2% until well into 2025, even as Japanese consumers continue to suffer under the weight of a collapsing Yen. EUR/JPY Technical Levels The EUR/JPY is falling back towards the 159.00 handle as the pair drifts back towards the near-term median at the 200-hour Simple Moving Average just below 159.00, paring back yesterday's gains. The pair is threatening to tip back into familiar swing highs near 158.
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