EUR/JPY Trades Sideways as Yen Attraction Grows

The EUR/JPY currency pair is currently trading at ¥184.67 after experiencing a modest decline in the latest session.

According to tradersunion.com, the price sits below its short- and medium-term moving averages but remains just above its long-term trend indicators.

The surge in Japan's 10-year government bond yield to 3%, a peak not seen since 1996, has increased the appeal of yen assets.

U.S. Treasury Secretary Scott Bessent expects Japanese authorities to take action to support the yen, fueling speculation of intervention.

The EUR/JPY price is expected to remain in a ¥183.92 to ¥185.76 range short-term, with low odds of an upward breakout and high risk of a decline.