In light of Lagarde’s remarks, EUR/JPY is still rising

The EUR/JPY saw continued growth on Tuesday, reaching a 15-year high of approximately 157.93. This was fueled by hawkish remarks from the European Central Bank’s president Christine Lagarde, which led to a rise in German bond yields and supported the Euro. However, investors are keeping an eye on the potential for Bank of Japan intervention, which could strengthen the Yen. Additionally, strong US data weakened US yields, which may limit the Yen’s losses.

Lagarde’s hawkish stance and the rise in German bond yields have been favorable for the Euro. At the ECB forum on Tuesday, Lagarde stated that inflation in the Eurozone is still too high and that interest rates will remain high as long as necessary. Other officials have also hinted at additional hikes, with Mārtiņš Kazāks commenting that he expects rates to be hiked in July. As a result, German bond yields rose, attracting investors and increasing demand for the Euro currency.

However, if the Japanese currency continues to lose value against the USD, the Yen may face the possibility of a BoJ intervention. Investors will be looking to Jerome Powell‘s speech in the ECB forum on Wednesday for clues regarding the Federal Reserve’s next steps, which could impact the dynamics of the mentioned pair price and therefore the Yen. It is also worth noting that Housing and Durable Goods from May and April exceeded expectations on Tuesday, and investors will be interested in Powell’s analysis of the economic activity outlook.

EUR/JPY Long (Buy)
Enter At: 158.841
T.P_1: 160.256
T.P_2: 163.338
T.P_3: 166.543
T.P_4: 170.092
S.L: 153.836


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