EUR/JPY Price Forecast: Breaks below 179.50 as bearish bias prevails
EUR/JPY extends its gains for the third successive day, trading around 179.40 during the Asian hours on Monday. The currency cross is extending a bearish near-term tone as price holds beneath both the nine-period and 50-period Exponential Moving Averages (EMAs).
EUR/JPY breaks below 179.50 amid bearish market sentiment
The EUR/JPY currency pair continues its downward trend, trading just below 179.50 on Monday. The pair is currently positioned beneath both the nine-period and 50-period Exponential Moving Averages (EMAs), indicating a bearish near-term outlook. The short-term EMA remains below the longer 50-period EMA, further fueling bearish pressure.
Meanwhile, the 14-day Relative Strength Index (RSI) has slipped into oversold territory at 27.71, signaling that while sellers are in control, the decline may soon ease. The EUR/JPY pair could potentially revisit the initial support level at the eight-month low of 179.37, set on August 3. Support is also available at the nine-month low of 175.70.
Should the pair break above the nine-day EMA at 184.07 or the 185.02 mark, a bullish shift could occur, potentially pushing the pair towards the all-time high of 187.95, reached on April 17.
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