EUR/JPY: Credit Agricole remains bullish until growth data is released

"Fears of monetary easing by the BoJ as well as a direct intervention on the forex weighed on the JPY last week. Keep in mind that the JPY exchange rate is the main driver of Japanese inflation in the medium term and that inflation expectations are at their lowest in many years. This may force the BoJ to act.

If the next economic data still shows weak growth, the risk is on the downside for the JPY. This must be monitored this week.

We are bullish on the EUR/JPY," says the Credit Agricole bank.