Key Moments
- EUR/JPY has been trading with limited movement around 183.90 for a second straight day during Asian hours on Wednesday.
- The pair is hovering between the nine-day EMA at 183.46 and the 50-day EMA at 184.54, reflecting a mildly bearish but still supported tone.
- The 14-day RSI stands at 48.21, indicating neutral momentum with no clear directional conviction.
EUR/JPY Technical Picture
EUR/JPY is showing muted price action for the second consecutive session, fluctuating near 183.90 during Asian trading on Wednesday. The cross is exhibiting a slightly negative short-term bias, with price slipping below the 50-day Exponential Moving Average (EMA) while remaining above the nine-day EMA.
This configuration points to a market where the latest recovery is susceptible to renewed selling pressure, even as intraday declines continue to meet buying interest around nearby support levels.
The 14-day Relative Strength Index (RSI) is positioned at 48.21, close to the neutral 50 mark. This reading underscores a lack of strong directional momentum, offering little confirmation for either an extended downside move or a decisive bullish reversal at this stage.
Support and Resistance Levels
On the downside, immediate support is located at the nine-day EMA at 183.46. A clear move below this short-term average would strengthen the bearish stance and could open the way for a decline toward the eight-month low at 179.37, which was reached on August 3, and then further toward the nine-month low at 175.70.
On the upside, initial resistance is identified at the 50-day EMA at 184.54. A sustained break above this medium-term indicator would signal a shift toward a more constructive outlook and could allow EUR/JPY to probe the area around the all-time high of 187.95, recorded on April 17.
Yen Sentiment and Intervention Impact
Strategists at Scotiabank report that the Yen has been stabilizing following a period of heightened volatility. They note that the currency is “steady and showing signs of stabilization following Monday’s worrisome decline that hinted to renewed pressure and a rapid reversal of its recent intervention-driven gains.” According to their assessment, the latest trading behavior suggests that those intervention-related gains are, for now, being maintained despite ongoing market unease.
EUR/JPY Daily Chart Context
The analysis of EUR/JPY is supported by a daily chart perspective, highlighting the interaction between price, short-term and medium-term moving averages, and momentum indicators.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Performance Against Major Currencies
The table below details the percentage changes of the Euro (EUR) versus a basket of major currencies today. Euro showed the strongest performance against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.07% | 0.00% | 0.08% | 0.05% | 0.11% | 0.24% | 0.17% | |
| EUR | -0.07% | -0.06% | 0.00% | -0.02% | 0.02% | 0.18% | 0.10% | |
| GBP | -0.01% | 0.06% | 0.04% | 0.03% | 0.06% | 0.24% | 0.16% | |
| JPY | -0.08% | 0.00% | -0.04% | -0.03% | 0.01% | 0.15% | 0.09% | |
| CAD | -0.05% | 0.02% | -0.03% | 0.03% | 0.04% | 0.20% | 0.12% | |
| AUD | -0.11% | -0.02% | -0.06% | -0.01% | -0.04% | 0.16% | 0.12% | |
| NZD | -0.24% | -0.18% | -0.24% | -0.15% | -0.20% | -0.16% | -0.06% | |
| CHF | -0.17% | -0.10% | -0.16% | -0.09% | -0.12% | -0.12% | 0.06% |
The heat map above presents cross-currency percentage changes. The base currency is taken from the left-hand column, and the quote currency from the top row. For instance, selecting Euro as the base on the left and moving to the US Dollar column provides the percentage change for EUR (base)/USD (quote).
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
