{"id":22421,"date":"2023-08-08T07:51:47","date_gmt":"2023-08-08T07:51:47","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=22421"},"modified":"2023-08-08T07:51:47","modified_gmt":"2023-08-08T07:51:47","slug":"eur-jpy-bulls-target-157-70-key-resistance-despite-soft-japan-wages-and-lackluster-german-inflation","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/eur-jpy-bulls-target-157-70-key-resistance-despite-soft-japan-wages-and-lackluster-german-inflation\/","title":{"rendered":"EUR\/JPY Bulls Target 157.70 Key Resistance Despite Soft Japan Wages and Lackluster German Inflation"},"content":{"rendered":"

EUR\/JPY Bulls Target 157.70 Key Resistance Despite Soft Japan Wages and Lackluster German Inflation<\/strong><\/h1>\n

During today’s European session, the EUR\/JPY<\/strong> pair is showing a bullish trend, targeting the key resistance level of 157.70. This upward movement is significant as it challenges a long-standing falling resistance line. Interestingly, this bullish drive is happening despite weak economic indicators from both Japan and Germany.<\/span><\/p>\n

The Euro’s strength in the face of lackluster German inflation data and sluggish Treasury bond yields is noteworthy. Despite the expected inflation figures closely matching the forecasts, with a YoY rate of 6.5% for the Harmonized Index of Consumer Prices (HICP) and 6.2% for the Consumer Price Index (CPI), the EUR\/JPY<\/strong><\/a> pair continues to rise. This suggests a prevailing bearish sentiment towards the European Central Bank (ECB).<\/span><\/p>\n

However, the driving force behind the pair’s ascent could be linked to the evolving monetary policy of the Bank of Japan (BoJ), supported by recent wage statistics from Tokyo. While Japan’s Labor Cash Earnings for June exceeded expectations, real wages continued to decline for the 15th consecutive month, dropping by 1.6% YoY. This decline aligns with the dovish stance surrounding the BoJ.<\/span><\/p>\n

Another factor influencing the pair’s movement is the Bank of Japan’s Summary of Opinions from the July meeting. One member noted that the goal of achieving a sustainable and stable 2% inflation target seems to be within reach, indicating a potential continuation of the BoJ’s easy-money policy.<\/span><\/p>\n

It’s important to note that any changes in the BoJ’s Yield Curve Control (YCC) policy have previously impacted the EUR\/JPY pair’s performance. Therefore, ongoing developments in the BoJ’s monetary strategies remain influential.<\/span><\/p>\n

In the broader market, the S&P500 Futures are experiencing mild losses around the 4,530 mark, following a daily gain on Monday after five consecutive days of losses. Meanwhile, the US 10-year and two-year Treasury bond yields remain under pressure, trading at approximately 4.06% and 4.76%, respectively.<\/span><\/p>\n

Looking ahead, the EUR\/JPY pair’s upward momentum towards the yearly peak of 158.00 may face challenges due to a relatively light economic calendar. However, the interplay between economic indicators and central bank policies continues to shape the intriguing dynamics of currency trading, both in traditional markets and within the virtual realm of Fortnite.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

EUR\/JPY Bulls Target 157.70 Key Resistance Despite Soft Japan Wages and Lackluster German Inflation During today’s European session, the EUR\/JPY pair is showing a bullish trend, targeting the key resistance level of 157.70. This upward movement is significant as it challenges a long-standing falling resistance line. Interestingly, this bullish drive is happening despite weak economic<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":22422,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[364,168,379,19,24,22,201],"yoast_head":"\r\nEUR\/JPY Bulls Target 157.70 Key Resistance Despite Soft Japan Wages<\/title>\r\n<meta name=\"description\" content=\"During today's European session, the EUR\/JPY pair is showing a bullish trend, targeting the key resistance level of 157.70.\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/MU\/eur-jpy-bulls-target-157-70-key-resistance-despite-soft-japan-wages-and-lackluster-german-inflation\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"EUR\/JPY Bulls Target 157.70 Key Resistance Despite Soft Japan Wages\" \/>\r\n<meta 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