The EUR/JPY cross attracts some buying during the Asian session on Thursday and moves away from over a two-week low, around the 156.85 region touched
the previous day. Spot prices currently trade just above mid-157.00s, up nearly 0.15% for the day, and for now, seem to have stalled a two-day corrective decline from the highest level since September 2008.
The latest optimism led by signs of easing US-China trade tensions undermines the safe-haven Japanese Yen and turns out to be a key factor lending some support to the EUR/JPY cross. It is worth recalling that the US Commerce Department’s Bureau of Industry and Security announced on Monday that it is removing 27 Chinese entities from its Unverified List. China welcomed the move and said that it was conducive to normal trade between the two nations.
Apart from this, the Bank of Japan's dovish stance is seen as another factor weighing on the JPY and acting as a tailwind for the EUR/JPY cross. In fact, theis the only central bank in the world to maintain negative interest rates. Moreover, policymakers have emphasised that a sustainable pay hike is a prerequisite to consider dismantling the massive monetary stimulus.
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