EUR/JPY Price Forecast: Trades near 181.50 after rebounding from descending channel bottom
EUR/JPY gains ground after two days of losses, trading around 181.50 during the Asian hours on Friday. Technical analysis of the daily chart indicates the currency cross remains within the descending channel pattern, signalling a bearish bias.
During the Asian hours on Friday, the EUR/JPY currency cross rebounded, trading around 181.50 after a two-day losing streak. Despite technical analysis suggesting a bearish bias for the EUR/JPY pair as it remains below the nine- and 50-day Exponential Moving Averages (EMAs), traders noted a potential break below the descending channel pattern's lower boundary at 180.70 could strengthen the bearish sentiment and push the cross towards the nine-month low of 179.37.
Conversely, if the EUR/JPY pair manages to break above the descending channel's upper boundary at 185.80, it could propel the currency cross beyond the all-time high of 187.95 set on April 17. Market analysts at Scotiabank noted that the Japanese Yen has surged sharply against the US Dollar, with the Yen up by 1.5% versus the Dollar, sparking speculation of potential official intervention.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
