The EUR/JPY cross builds on the previous day's goodish bounce from the 154.40-154.35 region, or the YTD low and scales higher during the Asian session on Tuesday.
EUR/JPY gains strong positive traction, albeit it struggles to find acceptance above the 160.00 mark. The risk-on impulse undermines the safe-haven JPY and prompts short-covering around the cross. The divergent BoJ- ECB policy outlook warrants some caution before positioning for further upside. The EUR/JPY cross builds on the previous day's goodish bounce from the 154.40-154.35 region, or the YTD low and scales higher during the Asian session on Tuesday.
Moreover, public broadcaster NHK reported that the Japanese labour ministry has decided to raise the national average minimum wage by about 5% – the biggest ever jump. This bodes well with the BoJ's plan to steadily raise interest rates and warrants some caution before placing bullish bets around the EUR/JPY cross. Bank of Japan FAQs What is the Bank of Japan? The Bank of Japan is the Japanese central bank, which sets monetary policy in the country.
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