EUR/JPY was steady near 163.70 on Monday as the yen firmed, leaving market participants wary of adding fresh hawkish positioning given fears of foreign exchange intervention. Trading conditions remained cautious, with price action contained despite the pair’s attempt to probe lower levels.
Technical Analysis and Key Levels
Technically, EUR/JPY has stayed range-bound and capped between 186.00 and 187.00 for three sessions, while printing a two-day low at 186.13. The RSI remains bullish but has flattened, pointing to a lack of control on either side. A break above 186.50 could open a move towards 187.00, and if that level is regained the focus shifts to the July 1990 monthly high at 188.23 before 189.00. Support sits at 185.35, the July 20 low of the day, then the 50- and 100-day SMA confluence at 185.12/08, with 184.40, the July 13 cycle low, next.
