EUR/JPY Holds Ground Near 184.00 Amid Consolidation

The EUR/JPY currency cross is holding its ground near 184.00, but technical analysis suggests it may test immediate support at 183.59.

The 14-day Relative Strength Index (RSI) is at 48.21, indicating market consolidation with a slight bearish bias.

If the EUR/JPY falls below its nine-period Exponential Moving Average of 183.59, it could strengthen the prevailing bearish bias and lead to further decline toward its eight-month low of 179.37, recorded on August 3.

However, a sustained break above the medium-term price average near 184.49 could signal a broader bullish resurgence, potentially leading to retesting of the area surrounding its all-time peak of 187.95 set on April 17.