EUR/JPY Price Forecast: Hovers around 178.50 within oversold territory
EUR/JPY gains ground for the second consecutive day, trading around 178.70 during Asian hours on Tuesday. Technical analysis of the daily chart indicates the currency cross remains within the descending channel pattern, signalling an ongoing bearish bias.
The EUR/JPY currency pair shows signs of bearish sentiment, trading within the 178.50 range during Asian hours on Tuesday. Technical indicators suggest an ongoing downtrend, as the pair remains below both the nine-day and 50-day Exponential Moving Averages. The 14-day Relative Strength Index hovers near oversold territory, indicating continued downward pressure.
If the EUR/JPY falls below the descending channel support at 177.60, it could strengthen the bearish bias and potentially push the pair towards the 10-month low of 175.70. Conversely, a break above the nine-day EMA of 179.73 and the 50-day EMA of 183.14 could signal potential upside, with resistance at the upper channel boundary around 185.30 and the all-time high of 187.95.
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