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EUR /JPY MARKET OPEN (AS OF NOV 13, 09:30 AM GMT-4)

164.384 JPY

-0.064(-0.0389%) 24h

The EUR/JPY is the symbol for the currency exchange rate of the Euro to the Japanese Yen. These are two of the most traded currencies, right after the US dollar. The Euro and Japanese yen are considered reserve currencies in their respective countries, just like the US dollar.

Frequently Asked Questions

If EUR/USD and USD/JPY are functioning well and moving in the same direction, then it is the best time to invest in EUR/JPY. Also, the right time needs to be considered.

The pair tends to have the best liquidity from 13:00 to 16:00 GMT. This is when the New York and London timings overlap.

Trading in EUR and JPY is similar to trading in other forex pairs. There are high levels of liquidity, volatility, and other economic indicators that influence the economies of both Japan and Europe. Traders should be doing technical analysis in order to invest in the forex pair. 

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History of the EUR / JPY trading

The Euro was introduced to the world in 1999. The idea of the euro was conceived in the twentieth century, but the notes and coins reached the market only in the course of the 1990s. The euro is now the main currency in most European countries. The euro is fairly new to the market, and its volatility has been primarily caused by the European recession. 

During the recession, countries like Greece, Spain, and Italy faced severe backlashes and debt crises that devalued their currencies. But the currency overcame this and strived its way upward to become the second most traded currency in the world after the US dollar. 

The Euro has long been regarded as a valuable currency by the international community. But the chances that people know of the history of the JPY, or Japanese yen, may not be something that is highly threaded. It is the third most traded currency in the world and the fourth on the reserve currency list. The yen is quite a good option for anyone who wants to trade in forex. 

The yen was first adopted in 1871 by the Meiji Government. The industrial base of Japan is the main reason that it strengthens its currency. Also, the agricultural sector, fervent use of technology, and adapting to modern standards are all factors in why the yen is popular in the forex market.

Reading the EUR / JPY Price

Since it was introduced into the market, the currency pair has been showing moderate volatility and is part of massive trends. They had a low-down trend of circa 2000 and came to 90.00. But from then on, they upscaled themselves to reach an all-time high of 169.78 in 2008. The great recession again brought down the pair, and it continued for some time before returning to track. It has been maintaining momentum since then and is traded between 110.00 and 140.00.

The major reasons to trade in EUR/JPY will be the volatility, low spreads, and stock indicator. The pair displays decent volatility during most trading sessions. Usual yen spreads are in higher denominations, but EURJPY is available at low and competitive spreads, which brings down the costs. It acts as a stock indicator for other forex stocks globally. 

Major Bodies Influencing the EUR / JPY / PRICE DRIVERS

Bank of Japan: It

 is one of the major regulators of the market in Japan and has a great grasp on how fluctuations affect the market. The bank also releases interest rate announcements every month, and it is very necessary to keep track of them and the bond market. 

European Central Bank: The central bank releases rates, and the accompanying rates are communicated monthly. The ECB is also an active player in the market. The ECB makes major decisions for the individual member states and also has an impact on the different currency pairs as they are entangled with the euro.

Japan Statistics Bureau: The JPY is known to be a very sensitive currency, especially to news. The Japan Statistics Bureau keeps tabs on this data and takes the necessary steps to thread through it. 

Japan Meteorological Agency: Japan is in the central position of being affected by natural disasters, and hence the meteorological department makes it a point to communicate effectively to relevant authorities because the pressure of an upcoming disaster can add a lot of pressure on the yen.

 EUR / JPY Correlations

EUR/JPY has a positive correlation with CHF/JPY, EUR/USD and USD/JPY. It exhibits a negative correlation with USDCHF.

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