EUR/JPY Price Forecast: Tests nine-day EMA barrier after rebounding above 179.00
EUR/JPY halts its four-day losing streak, trading around 179.20 during Asian hours on Thursday. Technical analysis of the daily chart shows that the currency cross remains confined within a descending channel pattern. This continuous formation reinforces a persistent bearish outlook for the pair.
EUR/JPY is currently testing a nine-day EMA barrier after rebounding above 179.00, according to FXStreet. The currency pair remains confined within a descending channel pattern, indicating a bearish outlook for the near-term. Key support levels are identified at 176.80 and 175.70, while resistance levels include the nine-day EMA at 179.22 and the 50-day EMA at 181.74.
The 14-day Relative Strength Index (RSI) is at 40.46, suggesting limited upside momentum. Analysts at MUFG/BTMU expect the Bank of Japan (BoJ) to continue tightening policies at a pace of once every three months, which aligns with their own projections.
Brief written by urgent.news from FXStreet's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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