The bears have firmly grabbed control of EUR/JPY, with the cross sinking from its weekly peak near the 50-day SMA at 185.32 and slicing clean through the 100-day SMA at 184.60. That break only deepened the slide beneath the 184.00 handle, leaving the pair trading around 183.68 in live action, down roughly 0.11% from the previous close of 183.88.
Momentum has flipped toward the sellers
The change in tone is hard to miss. The Relative Strength Index (RSI) has rolled over to the downside, with live readings near 36, comfortably in bearish territory though not yet oversold. The MACD echoes the same message, sitting at -0.24 against its signal line at -0.05, a setup that keeps the pressure pointed lower.
Where the downside could lead
If sellers manage to drag EUR/JPY under 183.00, the next line of defence is the 200-day SMA at 182.36. A daily close beneath that long-term marker would open the door to the latest cycle low at 180.81, the swing low printed on February 12.
The road higher is blocked by intervention worries
Any rebound looks capped for now, largely because of lingering fears of intervention. To shift the near-term mood, buyers first need to reclaim 184.00, which would put the 100-day SMA back in play, followed by the round 185.00 figure. Above that waits the 50-day SMA, and beyond it the June 17 daily high at 186.32.
How the yen is faring elsewhere
The Japanese Yen is enjoying a firm session against its major peers, with its strongest showing coming against the New Zealand Dollar.
