The EUR/JPY cross trades in negative territory for the fourth consecutive day around 162.25 on Thursday during the early European session.
EUR/JPY extends its downside near 162.25 in Thursday’s early European session. The cross is below the key 100-period EMA with an oversold RSI condition. The key support level is seen at the 162.00 psychological mark; the first upside barrier emerges at 164.85. The Japanese Yen gains momentum against the Euro , bolstered by a surprise hawkish policy announcement of the Bank of Japan on Wednesday. The BoJ decided to raise its short-term policy rate to 0.25% from 0-0.1%, the largest since 2008.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
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