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2024's Low For The EUR/JPY In Range...
Welcome to late-week trade! It’s been a wild five days on the markets, headlined by Wednesday’s FOMC Minutes. However, the USD hasn’t been the only thing on the move — the Japanese yen has flexed against the majors.
As we roll deeper into Q1 2025, the forex outlook is growing increasingly complex. Rate cuts in Canada, the EU, Australia, and New Zealand have offset a complacent Fed and hawkish Bank of Japan. For the first time since the COVID-19 pandemic, forex traders are faced with conflicting central bank policies.
One of the big winners is the yen. The JPY has had a solid 2025 versus the majors. For the EUR/JPY, the bearish sentiment has brought a key long-term support level into view:
2024’s Low, 154.41
Since 2022, it’s been a rocky road for yen bulls. Now, the dynamic has changed. The BoJ is raising rates as the rest of the world cuts rates. At least for the time being, this relationship points to a resurgence in the JPY. If nothing else, some solid buying opportunities are likely to come our way in the yen pairs. Stay tuned!
Next week features a lighter-than-usual economic schedule. But, the action should be good as Trump tariff talk and foreign policy will dominate market sentiment. Rest up over the weekend and we’ll see you back here Monday!
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