The EUR/JPY continues its downward trend for a third consecutive session, trading at approximately 171.70 during the early hours of Asian trading on Friday. The downturn is attributed to the strengthening of the Japanese Yen (JPY) triggered by robust Gross Domestic Product (GDP) data from Japan for the second quarter.

Japan’s GDP growth surpassed expectations, compelling traders to recalibrate their positions. As the Yen gains momentum, the Euro (EUR) faces headwinds, leading to a decline in the EUR/JPY currency pair.

This latest economic data release reinforces optimism about Japan’s economic recovery and stability, providing a significant boost to the Yen. Traders are now reassessing the implications of strong economic indicators on the currency markets.

Market observers will be keen to follow further developments as they may signal broader trends for the Euro and the Yen in the coming weeks.