EUR/JPY Volatility Continues as Yen Jumps on Weak US Data

The EUR/JPY pair has been experiencing a volatile session on Friday, initially dipping to session lows before recovering some losses. The Euro (EUR) saw significant gains against the US Dollar (USD), but this was not enough to offset the Japanese currency's surge.

The sudden jump in the Yen came after a weak US employment report, which caught traders off guard. This unexpected move triggered memories of last Friday's coordinated Yen-buying intervention between Japan and the United States, making traders cautious about selling the Yen into a weakening USD.

Despite this, the EUR/JPY pair is still down on the day, with the Japanese currency drifting away from its 40-year low reached in July. The European Central Bank's (ECB) decision to leave interest rates unchanged has also contributed to the cautious stance on the Eurozone economy.