EUR/JPY Slumps Amid Bearish Bias and Official Intervention Fears

The EUR/JPY currency cross is struggling to recover from its three-day losing streak, trading near 182.50 in early European hours on Friday.

The bearish bias remains strong as the spot price holds below both the nine-period and 50-period Exponential Moving Averages (EMAs).

Analysts at Scotiabank highlight that Japanese and US officials are closely monitoring the yen's performance, pushing back against recent weakness.

This vigilance could lead to further intervention to support the Japanese Yen, putting downward pressure on the EUR/JPY cross and potentially sending it toward eight-month lows of 179.37 or even nine-month lows of 175.70.