• EUR/JPY attracts some dip-buyers on Friday and recovers over 150 pips from a two-week low.
• The uptick is exclusively sponsored by the emergence of fresh selling around the Japanese Yen.
• Intervention fears and political uncertainty in France might keep a lid on any meaningful gains.

The EUR/JPY cross stages a goodish bounce from a two-week low touched during the Asian session this Friday and climbs back above the 173.00 round-figure mark in the last hour. Spot prices, for now, seem to have stalled a sharp retracement slide from the 175.40-175.45 area, or the highest level since 1992 set on Thursday amid the emergence of fresh selling around the Japanese Yen (JPY).

The overnight market reaction to speculation that Japanese authorities might have stepped into the FX market to lift the domestic currency fades rather quickly in the absence of any concrete evidence of intervention. This, along with the underlying strong bullish sentiment surrounding the equity markets, undermines the safe-haven JPY and is seen as a key factor that assists the EUR/JPY cross to attract fresh buyers on the last day of the week.