EUR/JPY ends week lower despite two-day rally EURJPY
Cross ends week with gains, but below 150.00.The EUR/JPY closes the week trading with gains above 149.80 as the Yen weakened across the board on Friday, against its major rivals, including the
Pound, Swiss, the US and Australian Dollars. On the other hand, the Euro is getting traction on the back of rising German bond yields following ECB Lagarde's hawkish comments in Thursday's session.Following the Eurozone's inflation figures during Thursday's session, President Christine Lagarde expressed her ongoing concerns about persistent high inflation and its prolonged duration.
As a response, the German yields exhibit a mixed performance. The 10-year bond yield is trading at 2.32%, reflecting an increase of 3.65% for the day. In addition, the 2-year yield stands at 2.84%, experiencing a gain of 3.98%, while the 5-year yield sits at 2.35%, demonstrating a slight decline of 0.49%.An improvement in globalOn the other hand, the Japanese yields have witnessed a decline. The 10-year bond yield has retraced to 0.41%, indicating a decline of 1.56%.
Moving above the 149.90 zone would suggest continuing the bullish trend for the EUR/JPY, with the next resistances at the 150 psychological mark area and the 150.50 level. On the other hand, the 20-day Simple Moving Average at 149.00 level stands as the critical support level for EUR/JPY. If broken, the 148.50 area and 148.00 zone could come into play.
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