The EUR/JPY cross trades with a mild bullish bias above the 164.00 mark during the early European session on Tuesday.
EUR/JPY posts modest gains around 164.10 in Tuesday’s early European session. Some verbal intervention from Japanese authorities lifts the Japanese Yen. ECB’s Panetta said the inflation trend was making a rate cut possible. The intervention warning from the Japanese authorities on Monday provides some support to the Japanese Yen and might cap the cross’s upside in the near term. Traders will closely monitor the Tokyo Consumer Price Index for March, due on Friday.
The ECB policymaker Fabio Panetta stated on Monday that the central bank is moving towards an interest rate cut as inflation is falling rapidly and approaching the bank's 2% target. Meanwhile, ECB chief economist Philip Lane said that the ECB is more confident that wage growth is slowing back toward more normal levels, potentially opening the door to rate cuts. The German Gfk Consumer Confidence Survey for April is due on Tuesday, along with the ECB's Lane speech.
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