EUR/JPY hits resistance at 143.30 despite Japan's dismal Unemployment data

The EUR/JPY pair is facing resistance at 143.30 despite the increase in Japan's Unemployment Rate. According to the Statistics Bureau of Japan, the unemployment rate is 2.6%, which is higher than both estimates and the previous number of 2.5%. The ratio of job openings to applicants has climbed to 1.24, which is higher than the previous reading of 1.23 and in line with the consensus prediction of 1.24.

Rising employment prospects in the Japanese economy suggest that the Bank of Japan's (BOJ) conservative monetary policy is fostering job creation. The availability of inexpensive money in the economy fosters aggressive corporate investment. In addition, the rising exports of the economy and the inexpensive Japanese yen are boosting the labor market. In FY2021, Japan's tax revenue surpassed 67 trillion yen - Nikkei. A rise in the economy's tax revenue may provide support for the yen bulls.

The bulls of the shared currency await the publication of the Harmonized Index of Consumer Prices on the eurozone front (HICP). According to forecasts, the annual inflation rate might rise from 8.1 percent to 8.3 percent. Christine Lagarde, president of the European Central Bank (ECB), stated that despite a slew of rate hike announcements, a return to a lower inflation environment is exceedingly improbable.