EUR/JPY Rebound Stalls Below 200-Day SMA as Yen Intervention Looms
EUR/JPY snapped a three-day losing streak with a modest 0.56% gain, but the recovery ran out of steam below the 200-day simple moving average amid joint US-Japanese FX intervention.
EURJPY
The EUR/JPY cross pair ended Tuesday with a 0.56% advance, briefly halting a three-day slide. The bounce, however, lacked follow-through as the price settled around 181.90, still below a critical technical barrier.
Market participants attributed the tentative tone to coordinated actions by US and Japanese authorities aimed at strengthening the Japanese yen. These interventions helped cap the pair's rebound.
With the 200-day SMA acting as resistance, the cross remains vulnerable unless buyers can clear that level decisively.
Source: FXStreet Forex News