EUR/JPY Holds Above 100-Day SMA Despite Pullback
The EUR/JPY pair has softened to near 185.50 during early European trading on [date], but its constructive bias remains intact as it continues to trade above the 100-day simple moving average (SMA).
The cross has pulled back from recent highs, but the underlying trend is still supported by the SMA, which has been acting as a dynamic floor for the pair over the past several weeks.
Holding above the 100-day SMA, currently situated around the 183.80-184.20 zone, suggests that the broader upward momentum remains intact.
Immediate resistance is seen at 186.00, followed by the psychological 187.00 level. A break below the 100-day SMA would expose the 200-day SMA near 181.50, which could shift the bias to neutral.
The euro's resilience against the yen is supported by the European Central Bank's cautious stance on rate cuts, while the yen remains pressured by the Bank of Japan's ultra-loose monetary policy.