EUR/JPY Falls Below 100-Day SMA, Traders Eye 183
EUR/JPY dropped 0.08% on Wednesday, breaking below its 100-day SMA as speculation of Japanese FX intervention and higher-than-expected producer inflation in Japan weighed on the pair.
EURJPY
The euro weakened against the yen on Wednesday, declining 0.08% and falling below the 100-day simple moving average. Traders now focus on the 183 level as a key support.
The move comes amid growing speculation that Japanese authorities may intervene in the FX market. Additionally, Japan's producer price index (PPI) inflation exceeded estimates, coming in above 3%, which added pressure on the pair.
Source: FXStreet Forex News