(VIANEWS) - The EUR/JPY gained significant momentum at the end of the week amid a broad-based JPY weakness. Japanese inflation is seeing some signs of deceleration in June and reports of the Bank of Japan sticking to its dovish monetary policy in next week's meeting makes the Yen lose interest.
As reported by FXStreet, june inflation data from Japan saw the National Consumer Price Index (CPI) dropping to 3.3% vs the 3.5% YoY expected, while the Core measure came in at 4.2% YoY, just as expected. That being said, the JPY is losing ground amid the speculations that the BoJ will maintain its dovish stance in next week's meeting. According to Reuters, the bank considers that inflation is increasing but is not confident if the increase is sustainable, putting a hold on a potential policy pivot.
EUR/JPY (EURJPY) has been up by 0.7751% for the last session's close. At 05:07 EST on Monday, 24 July, EUR/JPY (EURJPY) is $156.56.
Eur/jpy price analysis: pulls back from multi-year peak, once again fails near 158.00 mark
This makes it prudent to wait for some follow-through buying and acceptance above the 158.00 mark before placing fresh bullish bets around the EUR/JPY cross. , This revives hopes that the Bank of Japan (BoJ) might tweak its Yield Curve Control (YCC) policy later this week, which, along with a softer risk tone, underpins the safe-haven JPY and exerts some pressure on the EUR/JPY cross.
EUR/JPY (EURJPY) Range
About EUR/JPY's daily highs and lows, it's 0.493% up from its trailing 24 hours low of $155.79 and 0.383% up from its trailing 24 hours high of $155.97.
EUR/JPY's yearly highs and lows, it's 17.349% up from its 52-week low and 0.929% down from its 52-week high.
Volatility
EUR/JPY's last week, last month's, and last quarter's current intraday variation average was a positive 0.02%, a negative 0.02%, and a positive 0.47%, respectively.
EUR/JPY's highest amplitude of average volatility was 0.20% (last week), 0.28% (last month), and 0.47% (last quarter), respectively.
Forex Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, EUR/JPY's Forex is considered to be overbought (>=80).
Previous days news about EUR/JPY (EURJPY)
- Eur/jpy rises to cycle highs as the boj will stick to its dovish stance. According to FXStreet on Saturday, 22 July, "The EUR/JPY gained significant momentum at the end of the week amid a broad-based JPY weakness. "
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