EUR/JPY Bulls Eye 188.00 Amid Safe-Haven Surge

The EUR/JPY currency pair has been consolidating around the 186.00 mark, but bulls are gaining momentum as indicated by the Relative Strength Index (RSI) in bullish territory.

Concerns about a US-Iran war escalation and its impact on global risk appetite have led to a strengthening of safe-haven assets like the Japanese Yen, causing EUR/JPY to edge down 0.06%.

The pair has been trading within the 186.00-187.00 range, with buyers needing to clear 187.00 to challenge the year-to-date (YTD) high at 187.95.

If sellers push EUR/JPY below the July 20 low of 185.35, it could lead to a move towards the 50-day Simple Moving Average (SMA) at 185.20, followed by the 100-day SMA at 185.05 and then the 200-day SMA at 183.29.