EUR/JPY Price Forecast: Slips below 179.00 as bearish bias prevails
EUR/JPY remains subdued for the third successive day, trading around 178.80 during Asian hours on Tuesday. Technical analysis of the daily chart shows that the currency cross remains confined within a descending channel pattern.
EUR/JPY dipped below 179.00 as bearish sentiment continued to dominate on Tuesday, remaining under both short- and medium-term moving averages. This decline follows three days of subdued trading, with the pair confined within a descending channel pattern. Analysts at Rabobank noted a decrease in JPY net longs, suggesting a loss of confidence in the Japanese currency.
The EUR/JPY pair may continue its downward trend, targeting the lower boundary of the descending channel at 176.90 and potentially reaching an 11-month low of 175.70. A break above the 9-day EMA at 179.55 could signal a bullish reversal, with the 50-day EMA serving as further resistance at 182.01.
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