The EUR/JPY is trading near multi-year highs above 171.00, with concerns about Japan possibly intervening to support the Japanese Yen. The ECB is expected to make more rate cuts soon, which could impact the Euro. The Japanese Yen has been weakening despite speculation that the Bank of Japan may raise interest rates again. The Euro is also facing pressure as the ECB is anticipated to deliver further rate cuts due to the deteriorating economic prospects in the Eurozone. German IFO data has shown a decline in market sentiment, indicating a challenging economic outlook.