The EUR/JPY cross struggled to maintain its gains and attracted selling in the mid-162.00s during Wednesday’s trading. Prices retreated to the lower end of the daily range around 161.80-161.75, highlighting the difficulty of sustaining upward momentum.

This market dynamic underscores the importance of external indicators, with traders keenly awaiting Eurozone Purchasing Managers’ Index (PMI) data for fresh clues. This kind of economic data can heavily influence trading strategies in the forex space.

Investors and traders need to stay vigilant in assessing the economic releases that could impact currency values. An informed approach could enhance trading effectiveness as the market anticipates further developments.