EUR/JPY Stabilizes Near 184.00 Amid Mildly Bearish Tone

The EUR/JPY currency pair has been trading steadily near 184.00 for the second consecutive day, maintaining a mildly bearish tone in the short term.

This is because it has slipped below the 50-day Exponential Moving Average (EMA) while remaining above the shorter nine-day EMA, suggesting that recent gains may be vulnerable to renewed selling.

Intraday dips are still finding some demand, keeping the momentum neutral with a 14-day Relative Strength Index (RSI) at 48.21, close to its midline.

The primary support lies at the nine-day EMA at 183.46, and breaking below this could reinforce the bearish bias and put downward pressure on the EUR/JPY cross to fall toward the eight-month low of 179.37, reached on August 3.