EUR/JPY Retreats to 167.20 After BoJ Governor Ueda’s Speech

EUR/JPY halts its winning streak that began on June 5, trading around 167.20 during the early European session on Tuesday. Earlier, during the Asian trading hours, the pair reached an impressive 167.59, marking the highest level since July 2024.

The recent speech by Bank of Japan Governor Ueda prompted traders to reassess their positions. Market analysts note that the euro’s strength against the yen has raised concerns of overvaluation, leading to a cautious outlook in the wake of these developments.

As the currency pair encounters resistance, traders will closely monitor for potential rebounds or further declines based on evolving economic data.