UJPY - EUR/JPY Finds Support With Positive Risk Sentiment But Yen Remains Attractive

The EUR/JPY currency pair, which expresses the value of the euro in terms of the Japanese yen, continues to trade above its 2020 opening price. In mid-January, EUR/JPY set a local high at 122.875, prior to the full emergence of COVID-19 pandemic which sent markets tumbling (including the euro against the Japanese yen). EUR/JPY is characteristically considered a risk-on currency pair, correlating with global risk sentiment, mainly owing to the traditional safe-haven characteristics of JPY.

(Source: TradingView)

A low was set in May 2020, just above the 114 handle, as shown in the

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