EUR/JPY declines after 7-day rally

EUR/JPY is falling today for the first time after rising during the previous seven trading days. The pair rallied from 113.00 and peaked on Friday at 116.36, the highest level in five weeks; today is pulling back.

EUR/JPY losing bullish momentum

The yen started the week with gains across the board boosted by comments from Kuroda, the governor of the Bank of Japan. EUR/JPY failed to hold above 116.00 during the Asian session and dropped further.

The decline stopped at 115.10, the lowest level since Thursday and currently the pair trades at 115.25,  80 pips below Friday’s closing price. During the last hours, the pair has been steady trading in a range 115.35 and 115.15.

Price action across financial markets is low on Monday and it is likely to continue that way taking into account that Wall Street is closed today amid a holiday in the US. EUR/JPY could continue to trade in the mentioned range.