EUR/JPY Price Forecast: Stays near 178.50 amid ongoing bearish bias
EUR/JPY remains steady after three days of losses, trading around 178.60 during the Asian hours on Thursday. Technical analysis of the daily chart indicates the currency cross remains within the descending channel pattern, signalling a bearish bias.
EUR/JPY currency pair remains near 178.50 amid a persisting bearish market sentiment. Technical analysis points to the cross trading within a descending channel pattern, further reinforcing the bearish bias. The EUR/JPY cross is trading under both the nine-period and 50-period Exponential Moving Averages (EMAs), indicating potential buying opportunities into rallies that might be short-lived.
The 14-day Relative Strength Index (RSI) near 23 suggests oversold conditions that could temporarily halt the downward pressure but not reverse it. The primary support level for EUR/JPY is believed to be at the lower edge of the descending channel around 177.90. Breaking below this channel could intensify the bearish bias, pushing the currency pair towards the 10-month low of 175.70 observed in November 2025.
Conversely, a rebound could take the EUR/JPY cross toward the nine-day EMA at 180.84, followed by the 50-day EMA at 183.72. The upper boundary of the descending channel around 185.50 and the all-time high of 187.95, reached on April 17, mark further resistance levels.
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