- EUR/JPY manages to reverse a sharp decline to 137.30.
- The chances of a possible test of the 200-day average seem to be increasing.
EUR/JPY is now recovering lost ground and flirting with positive territory after pulling back sharply to the 137.30 area during early trading.
A continuation of the downtrend looks likely in the very short term, especially against the background of a weaker euro and the prospect of further FX market intervention by the Bank of Japan and the Ministry of Finance.
That said, a deeper pullback to the 200 SMA today at 135.61 should not be ruled out.
EUR/JPY day chart
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
