The EUR/JPY cross trades in negative territory for the third consecutive day around 169.78 on Friday during the early European session.
EUR/JPY extends the decline near 169.78 in Friday’s early European session. The German Retail Sales came in weaker than expected, dropping 1.2% MoM in April from a 1.8% rise in March. Tokyo CPI inflation rose 2.2% YoY in May, heightening the uncertainty over the timing of the BoJ's next rate hike. The cross remains under selling pressure after the weaker German Retail Sales data.
4%, while the core HICP is forecast to show an increase of 2.8%, compared to 2.7% in April. On the JPY’s front, Japanese Finance Minister Shunichi Suzuki said on Friday that he will closely watch the foreign exchange moves and will take all measures on FX if it’s necessary. The verbal intervention from the Japanese authorities is likely to support the Japanese Yen in the near term and cap the upside for the cross. Nonetheless, Tokyo Consumer Price Index inflation rose 2.2% YoY in May from 1.
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