EUR/JPY Slides Below Key Moving Averages Amid Japan's Record Intervention

The EUR/JPY exchange rate has been under pressure from sellers in the market, trading at ¥179.52 as of current pricing. The pair remains below its key moving averages, indicating continued bearish momentum.

In late August, Japan executed a record yen-buying intervention, selling $87.8 billion in foreign securities to influence forex dynamics. This move led to a decline in the country's foreign reserves by $79.6 billion.

The intervention aimed to stabilize the yen by increasing demand and tightening supply, but its impact is still being assessed by market participants. Analysts note that EUR/JPY is under persistent technical selling pressure, with bearish momentum dominating across multiple timeframes.