EUR/JPY trades below 159.00, JPY still vulnerable EURJPY Crosses Currencies
USD/JPY
broke through the 145.00 key level for the first time since November 2022, but there are still no signs of intervention from the local authorities to limit Yen’s losses. Economic activity figures will be the week’s highlight for the pair. On the Japanese side, on Tuesday, the Q2 Gross Domestic Product figures will be released and are expected to have grown at an annualised pace of 3.1%. That being said, there are no signs from the Bank of Japan to pivot its dovishor to intervene in the markets to control the JPY’s downfall, which could pave the way for further downside for the pair.
On the European side, the Preliminary GDP figures from Q2 from the Euro area are expected to come in at 0.6% YoY matching the previous quarterly figures. In addition, inflation data will be released from the Eurozone and both sets of data will help investors to model their expectations towards the next European Central Bank decisions.The EUR/JPY suggests a neutral to bearish technical outlook on the daily chart as bullish momentum wanes.
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