EURJPY Need a break out of the trend zone
EUR/JPY recovers its intraday losses as the Japanese Yen (JPY) strengthened following Japan’s Gross Domestic Product (GDP) data showing Japan's economy returned to growth in the last quarter of 2023, thus turning away from a technical recession. The EUR/JPY cross attempts to rebound from weekly lows, trading around 160.60 during the early European trading hours on Monday.
Japan’s GDP quarter-on-quarter expanded by 0.1% in the fourth quarter of 2023, reversing the previous decline of 0.1% but falling short of the expected 0.3% growth. Meanwhile, the GDP Annualized figure showed a reading of 0.4% growth, below the market expectation of 1.1% and the previous decline of 0.4%. Consequently, Japan’s 2-year yield surged towards 0.20%, marking the highest level since 2011. Additionally, the 10-year government bond yield rose to near 0.75%.
Pay attention to support areas that can give you BUY signals such as around 158,600 and 155,300.
Japan’s GDP quarter-on-quarter expanded by 0.1% in the fourth quarter of 2023, reversing the previous decline of 0.1% but falling short of the expected 0.3% growth. Meanwhile, the GDP Annualized figure showed a reading of 0.4% growth, below the market expectation of 1.1% and the previous decline of 0.4%. Consequently, Japan’s 2-year yield surged towards 0.20%, marking the highest level since 2011. Additionally, the 10-year government bond yield rose to near 0.75%.
Pay attention to support areas that can give you BUY signals such as around 158,600 and 155,300.
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