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EUR/JPY holds near 182.50 as bearish bias persists

EUR/JPY remains below the nine- and 50-period EMAs, while analysts at Scotiabank cite ongoing Japanese and US concern about the yen's level and path.

Reported · Written up by our desk · Major Pairs

EUR/JPY paused its three-day advance and was last around 182.50 in early European trading on Friday, with the cross keeping a near-term bearish tone, FXStreet reported.

The pair is holding below both the nine-period and 50-period exponential moving averages, which now act as layered overhead resistance, while the 14-day RSI near 39 points to weak momentum rather than outright oversold conditions.

Scotiabank analysts said both Japanese and US officials remain concerned about the yen’s level and path and have been pushing back on recent yen weakness, keeping attention on potential further support for JPY.

Further intervention to strengthen the yen would likely weigh on EUR/JPY toward the eight-month low near 179.37 seen on August 3, with the nine-month low around 175.70 next, while upside resistance is noted near the nine-day EMA at 183.09 and the 50-day EMA at 184.63.

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