EUR/JPY Price Forecast: Bulls struggle at 187 amid intervention fears
The EUR/JPY trades horizontally on Monday as market participants remain reluctant to push the cross higher amid fears of potential intervention by Japanese authorities, even though they have remained shut following the coordinated action by the US and Japan. The cross trades at 185.59, virtually unchanged.
EUR/JPY Price Forecast: Technical Outlook
After falling from around 187.44 towards 182.12 on the three-day intervention day, the EUR/JPY has bounced off the 182.00 area and rallied back near the 186.00 mark. Momentum has shifted modestly bullish, as indicated by the Relative Strength Index (RSI), which has been bullish since mid-August.
From a market structure perspective, EUR/JPY is neutrally biased, but it could resume bullish if it breaks above the year-high near 188.00. However, on its way north, the first resistance is at 187.00, followed by the psychological 187.50 mark. A breach of the latter will expose the yearly high of 187.95 ahead of 188.00.
Downwards, the first support for EUR/JPY is the 100-day Simple Moving Average (SMA) at 185.14, followed by the 50-day SMA at 184.72. Once surpassed, the next stop is the 200-day SMA at 184.16, followed by 184.00.
EUR/JPY Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The scale of the compute power agreement between Anthropic and SpaceX has been revealed, reaching up to $84.5 billions, double the previously disclosed amount.
According to Anthropic’s IPO prospectus, the company has signed a computing power leasing agreement with SpaceX valued at $84.5 billion, far surpassing the previously disclosed $45 billion in SpaceX’s IPO documents. The agreement runs until 2029, with most terms cancellable within 90 days. At the same time, Anthropic’s total spending on AI infrastructure over the next decade is expected to be at least $518 billion.
KOSPI Index in South Korea falls by 0.3%
Canadian Dollar remains subdued near two-month lows as falling oil prices weigh
Jamie Dimon Says the Dollar Only Stays Dominant if the US Makes Trade Deals
Crypto prices
More
