EUR/JPY Price Forecast: Softens below 182.00 on intervention risks, bearish outlook prevails
The EUR/JPY cross trades in negative territory around 181.70 during the early European trading hours on Wednesday.
EUR/JPY prices have dipped below 182.00 during early European trading hours on Wednesday, with traders closely watching for intervention risks from Japanese authorities following a coordinated US-Japan intervention. The Japanese Yen continues to strengthen against the Euro, fueled by optimism over the potential US-Iran deal to reopen the Strait of Hormuz, set to be announced on Wednesday.
Societe Generale believes that a credible improvement in Japan's growth prospects is crucial for sustained Yen recovery, as policy rate hikes alone are unlikely to have a lasting effect. EUR/JPY's technical indicators show a bearish near-term outlook, with the pair trading below key moving averages and hovering near oversold levels.
Traders will be monitoring the 184.90 and 185.10 resistance levels, as well as the lower Bollinger Band around 181.15 for potential support.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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