Snapshot: EUR/JPY is trading near 170.50, little changed, as traders weigh the mild easing bias from the ECB against slow normalisation from the BoJ. ECB speakers overnight offered little new information, keeping the focus on upcoming data.
- Watch 171.00 for potential breakout, resistance tested in Asian session.
- Risk: Renewed Yen weakness could prompt MoF/BoJ communication, escalating intervention risk.
Bias into NY: Sideways, with a slight upward bias towards 171.00, driven by the prospect of further ECB easing priced against limited further BoJ hikes absent Spring wage data. USD strength, if it materialises, offers the main headwind.