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EUR/JPY holds near 184.00 but remains capped by 50-day EMA
The pair is testing technical support around 183.59, and a break could push EUR/JPY toward its Aug. 3 eight-month low near 179.37.
EUR/JPY was trading around 183.90 during Friday Asian hours, after posting minor gains the prior day, as the cross held above its short term nine-period EMA but stayed capped by the medium term 50-day EMA, according to FXStreet.
FXStreet said the cross has a near-neutral 14-day RSI at 48.21, pointing to consolidation with a slight bearish tilt, while noting that regaining the 50-day EMA has not yet happened.
The analysis highlighted 183.59 as immediate support from the nine-day EMA, warning that a decisive break below it would strengthen the bearish bias and could drive the pair toward the eight-month low at 179.37, set on Aug. 3.
On the upside, the primary resistance was identified near the 50-day EMA at about 184.49, with a sustained break above the medium term average seen as a potential trigger for a move back toward the April 17 all-time peak near 187.95.