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EUR/JPY is currently trading at 120.85, having risen from 119.75 to 121.25 in June as the safe-haven yen pulled back some ground last month with the pair returning to trade close to its average levels for the past 12 months. Economists at Rabobank see EUR/JPY dipping lower by year-end.

Key quotes

“The JPY is likely to benefit further on any increase in China/US tensions into the US election or on any plunge in expectations regarding the prospects for global growth.” 

“While see the prospect of range trading in the weeks ahead, we continue to see scope for EUR/JPY to dip lower by the end of the year.”