EUR/JPY remains one of the most actively traded minor pairs, currently at 181.27, sitting below its 50-day MA of 183.81, suggesting near-term bearish momentum. The pair has delivered an impressive 10.68% gain over the past year, driven primarily by the persistent interest rate differential between the ECB and Bank of Japan. While the ECB has begun its easing cycle, rates remain significantly above the BoJ's ultra-low levels, even after Japan's historic rate hikes. The 30-day decline of -1.15% reflects growing expectations of further BoJ normalization and potential JPY carry trade unwinding. The pair trades well above its 52-week low of 154.80 but has pulled back meaningfully from the 186.88 high, indicating a corrective phase. Key risks include sudden BoJ intervention, shifts in global risk sentiment, and eurozone economic weakness. Bullish catalysts include resilient European data and continued carry trade appetite. The 5-year gain of 41.28% underscores the long-term JPY depreciation trend. Traders should monitor BoJ rhetoric and eurozone PMIs closely for directional cues.