EUR/JPY has surged past its 2024 and September highs, confirming renewed bullish momentum. A short-term pullback toward 175.00/174.70 could attract buyers, keeping the broader uptrend intact with upside targets at 177.60 and 178.80, Société Générale's FX analysts note.
EUR/JPY maintains its position near the 14-month high of 174.65 during the European hours on Wednesday. The currency cross moves sideways after the release of the disappointing headline German IFO Business Climate Index, which unexpectedly fell to 87.7 in September from 89.0 in August.
EUR/JPY depreciates after three days of gains, trading around 173.10 during the early European hours on Tuesday. Traders await seasonally adjusted Eurozone Industrial Production figures for July and German ZEW Survey Economic Sentiment data for September.