EUR/JPY Price Forecast: Holds losses near 182.50 as bearish bias prevails

EUR/JPY prices have halted their three-day upward trend, resting near 182.50 during Friday's early European hours. The currency pair maintains a bearish short-term outlook as it remains below both the nine-period and 50-period Exponential Moving Averages (EMAs). These moving averages now serve as overhead resistance, suggesting a capped movement, while the 14-day Relative Strength Index (RSI) around 39 indicates weak momentum rather than full oversold conditions.

Scotiabank analysts note that both Japanese and US officials remain concerned about the Yen's level and trajectory, leading to persistent support efforts. This vigilance highlights the policymakers' close monitoring of the USD/JPY performance as it nears post-intervention lows. Should the Japanese Yen receive further intervention, EUR/JPY could approach the eight-month low of 179.37, followed by the nine-month low of 175.70.

Conversely, the pair might encounter resistance at the nine-day EMA of 183.09, then the 50-day EMA at 184.63. A move above these levels would signal a bullish shift, potentially driving the cross towards the all-time high of 187.95, reached on April 17.