The EUR/JPY cross turns lower for the second straight day following an Asian session uptick to the 163.20 area and moves away from over a two-week high, around the 163.85-163.90 region touched on Friday.
EUR/JPY attracts sellers for the second straight day amid a goodish pickup in the JPY demand. Geopolitical risks, along with bets for additional BoJ rate hike in 2024, lend support to the JPY. The ECB ’s dovish outlook contributes to the Euro’s underperformance and the ongoing decline. Spot prices drop to a multi-day low, closer to mid-161.00s in the last hour and seem vulnerable to slide further amid a strong pickup in demand for the Japanese Yen .
The market attention now shifts to the release of the flash Eurozone PMIs on Thursday, which should provide fresh insight into the region's economic health and drive the Euro. In the meantime, the JPY price dynamics will continue to play a key role in influencing the EUR/JPY cross in the absence of any relevant market-moving economic data due for release on Monday.
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