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Forex

EUR/JPY Stuck in Bearish Channel as Yen Strength Continues

Guavy AI Editorial Team
Instruments
EUR USD JPY
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The EUR/JPY currency pair has been trading around 181.50, rebounding from its lower boundary of a descending channel near 180.70.

This level of price action continues to show bearish momentum, with the nine- and 50-day Exponential Moving Averages (EMAs) above it, and the 14-day Relative Strength Index (RSI) just above 30.

Strategists at Scotiabank have noted a sharp Yen rebound of 1.5% against the USD, fueling speculation about potential official intervention in the foreign exchange market.

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