The euro rose against the yen by 0.2% to 159.09, from today's opening price, but the yen still outperforms the euro despite this rise and abandoning its peak that lasted for five weeks against the euro due to profit-taking operations.
The euro had declined yesterday by 0.4% against the yen, in the seventh consecutive daily gain in favor of the yen, within the longest series of daily gains since early last July, and recorded the highest level in five weeks at 158.58 yen per euro.

The decline in inflation across the euro area happened more quickly than expected last November, which increased the possibility of early cuts in European interest rates following these data in Europe and cautious comments by some European Central Bank officials. As European Central Bank Executive Board member Isabel Schnabel said on Tuesday: Further interest rate hikes in the eurozone are somewhat unlikely after the recent inflation data.

However, the yen is still likely to rise further in light of strong expectations about the Japanese Central Bank approaching its exit from its loose interest rate policy. Data issued in Tokyo during the recent period indicated escalating inflationary pressures on monetary policymakers at the Central Bank of Japan, especially data on inflation, wages, and the labor market.
As for the technical indicators, they indicate the possibility of a continued decline for the euro against the yen, with a weak possibility of a rise in the next few days. As for the Relative Strength Index, it is moving at the level of 38.61, and the MACD is moving below the zero level.
*All data provided is intended for educational or informational purposes only and should not be considered investment advice.