EUR JPY Shows Positive Momentum Ahead of ECB

The EUR JPY cross has attracted buyers for the second day in a row, gaining traction above the 162.00 mark during Thursday’s Asian session. This upward trend is attributed to the selling pressure on the Japanese Yen (JPY), though the currency pair might face limits as traders anticipate the European Central Bank (ECB) interest rate decision.

As market participants await this critical meeting, the potential for volatility remains significant. Traders are encouraged to keep current market conditions in mind, making adjustments to strategies as trends evolve.

The balance between the Euro’s strength and Yen’s weaknesses will likely dictate movements in this currency pair leading into the ECB announcement.