EUR/JPY Price Forecast: Declines to near 175.50, bearish signals reinforce downside bias
The EUR/JPY cross trades in negative territory around 175.65 during the early European trading hours on Wednesday. The Japanese Yen (JPY) strengthens against the Euro (EUR) amid fears of currency intervention from Japanese authorities.
EUR/JPY fell to a near 175.50 during Wednesday's early European trading hours. The Japanese Yen strengthened against the Euro amid speculation of intervention by Japanese authorities. Japanese Finance Minister Satsuki Katayama stated the government was prepared to act decisively in the currency market. Traders now await the European Central Bank's interest rate decision on Thursday for further clues.
The Bank of Japan is expected to keep its policy rate unchanged at 1.25% at its Friday meeting, with officials signaling more rate hikes may be necessary. Technical analysis shows the EUR/JPY near-term bias is bearish, as the pair trades below key moving averages and support levels. A break below 175.45 could expose lower lows, while a move above 176.43 could target 180.00 and the 100-day moving average. The Japanese Yen remains a safe-haven currency, often strengthened during market turmoil.
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