The EUR/JPY trades close to multi-year highs around 171.50 in Wednesday’s American session.
EUR/JPY trades near multi-year highs above 171.00. Fears of Japan’s intervention to cushion the Japanese Yen have intensified. The ECB is expected to deliver more rate cuts sooner. The cross is expected to face selling pressure as the Japanese Yen could gain significantly with Japan’s intervention against excessive FX volatility moves. Fears of Japan intervention to provide cushion to weak Yen have deepened as the currency has declined to lowest levels of 160.
Meanwhile, the Euro is also under pressure due to rising expectations that the European Central Bank will deliver subsequent rate cuts. The probability of more rate cuts by the ECB has been prompted by deteriorating economic prospects of Eurozone’s largest economy. German IFO data that exhibits market sentiment over economy’s current position and forward outlook indicated a gloomy picture.
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