EUR/JPY holds as Yen firms on BoJ outlook and intervention risks

• The EUR/JPY trades neutral near 184.00, with the Japanese Yen gaining modest strength despite sustained risk appetite.
• President Trump signals potential de-escalation with Iran, supporting sentiment but limiting safe-haven flows.
• A relatively hawkish stance from the Bank of Japan and rising intervention concerns cap further upside in Yen crosses.

The EUR/JPY cross trades in a tight range around the 184.00 price region, even retracing some of its intraday gains, though risk appetite remains high. The Japanese Yen (JPY) is gaining ground against the Euro (EUR).

President Donald Trump announced a postponement of the attack on Iran. He later commented on the Iran war, claiming that he hopes to meet soon because they “have major points of agreement,” and that if talks carry through, it will end the conflict.

Crossing the pond, the Bank of Japan (BoJ) maintains a relatively hawkish stance after Governor Kazuo Ueda recently emphasized that additional rate hikes may be possible if inflation develops as anticipated.

On the European side, the flash Consumer Confidence for March was released worse than expected at -16.3, down from -12.2 last month, indicating that European confidence is being affected and could be a problem if it continues to decline.

Short-term technical analysis:

On the 4-hour chart, EUR/JPY trades at 183.92. The near-term bias is mildly bullish as the pair holds above the rising 20-period Simple Moving Average (SMA) near 183.37 and the flatter 100-period SMA around 183.29, keeping price supported on shallow pullbacks. The 14-period Relative Strength Index (RSI) is advancing to 58, above its midline and away from overbought territory, indicating steady buying pressure rather than exhaustion.

Immediate support sits at 183.66, backed by the nearby 20-period SMA, with a deeper floor at 183.20 where earlier demand emerged. On the upside, initial resistance is aligned at 184.00, with a break exposing the recent cap near 184.23; a sustained move above this area would open the way for a continuation of the prevailing upswing toward higher highs on the 4-hour horizon.

(The technical analysis of this story was written with the help of an AI tool.)