EUR/JPY

Fundamentals favour the Euro by 14 points.

On the Macro Currency Strength Meter, the Euro scores -6 and the Japanese Yen scores -19 — a gap of 14 points in favour of the Euro. The widest divergence is in risk mood, which favours the Euro. All else equal that gap is a fundamental tailwind for the Euro against the Japanese Yen — though markets may already have priced much of it in.