Forex
Home›Forex›Major Pairs›EUR/JPY holds near 186 as risk concerns boost demand f…
EUR/JPY holds near 186 as risk concerns boost demand for yen
The cross remains capped between 186.00 and 187.00, with bulls needing to clear 187.00 to challenge the 187.95 YTD high and sellers watching the July 20 low at 185.35.
EUR/JPY is consolidating around 186.00, edging down about 0.06%, as risk appetite weakens amid escalation in the US-Iran war. FXStreet says the move is supporting safe-haven demand for the Japanese yen, keeping the pair pressured.
After reaching a year-to-date high of 187.95, the cross drifted toward the 183.00 area following the Bank of Japan's last intervention. Since then, buyers have reclaimed key resistance levels to return the pair to the 186.00 area, though it remains range-bound.
The pair is currently capped within 186.00 to 187.00, with momentum improving as indicated by the Relative Strength Index in bullish territory. Bulls aim to clear 187.00, which would set up a test of 187.95 and then resistance around 189.00 and the 190.00 psychological level.
On the downside, FXStreet notes that a break below the July 20 low at 185.35 would intensify a move toward the 50-day Simple Moving Average at 185.20, then the 100-day SMA at 185.05 and the 200-day SMA at 183.29.