hardwork24

euro should depreciate, EUR/JPY
If fwd is lower than spot , yes the market expects the EUR/JPY forward is lower than EUR/JPY Spot and the interest rates should confirm that European rates are higher than JPY rates.
S-F-F-D ( San Fansisco Fire Department )
S/(+rf)=F/(1+rd) for parity .
If F lower than S , then rf lower than rd