EUR/JPY Price Forecast: Softens Below 180.00, Bearish Bias Persists Under 100-Day SMA

The EUR/JPY cross extended its weak trend during early European trading on Thursday, trading near 179.83, staying below the 180.00 threshold. Potential intervention risks by Japanese authorities continue to support the yen, weighing on the cross. Markets await the release of Germany's IFO survey data later for further clues on the eurozone economic outlook.

**Intervention Risk Supports Yen, Euro Lacks Upside Momentum**

Verbal intervention and potential actual action risks from Japanese authorities have become key factors stabilizing the yen recently. Expectations that Japanese officials may step into the market to curb excessive yen depreciation have intensified, creating notable resistance for EUR/JPY ahead of the 180.00 round figure. Meanwhile, the euro itself lacks strong upside momentum, with cautious sentiment prevailing ahead of Germany's IFO survey release, limiting the pair's rebound potential.

**Clear Bearish Technical Signals, 100-Day SMA Acts as Resistance**

From a technical standpoint, the cross remains below the 100-day simple moving average, constituting a sustained bearish signal. The pair hovering below the 180.00 psychological level and failing to reclaim the key moving average resistance indicates that bears still hold short-term dominance. Should the upcoming IFO data fail to boost the euro, EUR/JPY may seek further support to the downside.