EUR/JPY Price Forecast: SMAs confluence blocks bulls near 185.00
The EUR/JPY registers two consecutive days of gains, but on Tuesday, buyers failed to gain traction as they faced a confluence of key resistance levels near the 184.70 area. The cross-pair is poised to end the day unchanged, near its opening price of 184.69.
The EUR/JPY currency pair is approaching a critical resistance level near 185.00, as the cross is nearing the confluence of the 50- and 100-day Simple Moving Averages (SMAs) around 184.72/73. While the pair has gained two consecutive days, buyers failed to make significant progress on Tuesday, facing resistance at the 184.70 area.
A decisive break above the confluence of the 50- and 100-day SMAs could open the door for EUR/JPY to challenge the 185.00 level, with traders then eyeing the next cycle high at 187.47. Conversely, the first support for EUR/JPY is the 200-day SMA at 184.05, with the next areas of interest being the May 6 swing low of 182.05 and the August 3 low of 179.37.
Brief written by urgent.news from FXStreet's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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