EURJPY Stabilizes Near 16500 Despite Safe-Haven Demand for Yen

The EURJPY pair finds temporary support at around 16500 during late Asian hours on Friday. This follows a significant sell-off earlier in the day. The upsurge in tensions in the Middle East has increased demand for safe-haven assets such as the Japanese yen (JPY). As a result, the market dynamics for EURJPY are becoming more complex.

Understanding shifts in market sentiment will be key for traders as they navigate potential market reactions. Fluctuations in safe-haven demand can drastically influence currency pairs in the forex market.