EUR/JPY Price Forecast: Steadies near 184.00 amid neutral bias

EUR/JPY has been relatively stable, trading around 183.90 during the Asian hours on Wednesday. The currency pair exhibits a mildly bearish near-term outlook as it drops below the 50-day Exponential Moving Average (EMA) while staying above the nine-day EMA. This trend suggests that the recent upward movement may face further selling pressure.

The 14-day Relative Strength Index (RSI) stands at 48.21, indicating neutral momentum with no apparent inclination towards a higher or lower trend. The main support level is located at the nine-day EMA at 183.46. A breach below this moving average would bolster the bearish stance and could push EUR/JPY closer to the eight-month low of 179.37, previously hit on August 3, and then the nine-month low of 175.70.

Conversely, the currency pair could climb towards the primary resistance level of the 50-day EMA at 184.54. If EUR/JPY manages to surpass the medium-term moving average, it would signal a shift towards bullish sentiment, potentially taking the pair towards the all-time high of 187.95, which was observed on April 17. Analysts at Scotiabank observe that the Japanese Yen has steadied itself after a recent period of volatility, describing the currency as "steady and showing signs of stabilization following Monday's concerning decline."

They believe that the present price action indicates that the intervention gains are being maintained for now, despite ongoing market uncertainties.