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The EUR/JPY currency pair achieved two consecutive days of positive momentum, but buyers struggled to push prices higher on Tuesday. The pair encountered strong resistance from a confluence of key Simple Moving Averages near the 184.70 area. Consequently, the cross-pair hovered near its opening price of 184.69, poised to end the daily trading session relatively unchanged.
The failure of bullish traders to clear the 184.70 to 185.00 resistance cluster highlights a temporary pause in the upward trajectory. Moving averages often serve as dynamic support and resistance zones, and their alignment at this current price level creates a formidable technical barrier for the Euro against the Japanese Yen.
Traders and technical analysts are now monitoring whether EUR/JPY can hold its ground above immediate support levels or if a corrective pull-back will ensue. A clean break above 185.00 would open the door for further upside target testing, while a rejection could signal short-term consolidation or renewed selling pressure on the pair.
