Cross-yen pairs, led by EUR/JPY and AUD/JPY, had traded within narrow ranges for nearly a year but have begun breaking below those ranges. Views are spreading that the long-term uptrend may be nearing its end.
EUR/JPY had traded within the narrow ¥180–¥187 range for nearly a year, but the range has recently begun to expand downward. At least part of the historic uptrend appears to have paused, with signs of a breakout to the downside.
EUR/JPY has set successive highs following a long-term uptrend, but unlike concerns over intervention in USD/JPY, cross-yen pairs were reportedly more prone to further yen depreciation. A similar breakout below the range has also been confirmed in AUD/JPY, drawing attention to movements at levels seen since the 2010s.