EUR/JPY retraces to near 184.00 as Yen rebounds on hopes of Japan’s intervention

EUR/JPY has retraced to near 184.00 during the Asian trading session, down from the all-time high of 184.92 posted the previous day. This correction is attributed to increasing hopes regarding potential intervention by the Japanese government in the currency markets. Market participants are speculating that Japanese authorities may step in to stabilize the yen amid excessive depreciation. Consequently, a rebound in the yen has been observed against other currencies. As of now, the focus should be on the establishment of a trend. If intervention materializes, further movements can be expected; however, given the current instability in the market, a cautious approach is warranted. The level of 184.00 may also serve as a psychological price point, making it crucial to assess any rebounds at this level.