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EUR/JPY holds around 163.70 as yen strength sparks intervention fears

The pair is capped near 186.00 to 187.00 and tests a new two-day low, with support seen at 185.35.

Reported · Written up by our desk · Major Pairs

EUR/JPY held around 163.70 on Monday as the Japanese yen strengthened, while investors were cautious about taking fresh “hawkish” positioning due to fears of yen intervention in foreign exchange markets, FXStreet reported.

The newsletter said the pair remains range-bound after being capped within 186.00 to 187.00 over the prior three trading days, reaching a new two-day low at 186.13 that could open the door to further downside.

Upside levels were outlined at 186.50, which could lead toward the 187.00 psychological level, followed by the July 1990 monthly high at 188.23 and then 189.00.

On the downside, support was flagged at 185.35, and a break below that level would expose the 50- and 100-day simple moving average area at 185.12/08, then the July 13 cycle low at 184.40.

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