The EUR/JPY cross attracts some dip-buying near the 164.15-164.10 area on Thursday and climbs to a fresh daily peak during the first half of the European session.
EUR/JPY rallies over 50 pips from the daily low amid some repositioning ahead of the ECB . The BoJ’s dovish outlook continues to undermine the JPY and acts as a tailwind for the cross. Intervention fears could limit the JPY losses and cap gains ahead of the central bank event risk. Spot prices currently trade around the 164.65-164.70 region and for now, seem to have snapped a two-day losing streak to the weekly low touched on Wednesday.
Apart from this, bets that the ECB will start cutting interest rates in June, amid a faster-than-anticipated fall in the Eurozone inflation, should contribute to keeping a lid on the EUR/JPY cross. Hence, the market focus will remain glued to fresh economic projections, which, along with ECB President Christine Lagarde's comments at the post-meeting press conference, will be looked upon for cues about the timing of the first rate cut.
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