EUR/JPY Price Forecast: Hovers around 177.50 near nine-day EMA
EUR/JPY appreciates after opening at a bearish gap, remaining in negative territory and trading around 177.50 during Asian hours on Monday. Technical analysis of the daily chart shows the currency cross remains within a descending channel pattern, suggesting an ongoing bearish bias.
EUR/JPY currency pair remains near 177.50 on Monday, trading within a descending channel pattern and holding below the 50-day Exponential Moving Average (EMA). Technical analysis indicates short-term consolidation while the 14-day Relative Strength Index (RSI) suggests subdued momentum. The pair could test the nine-day EMA of 177.40 and the lower boundary of its descending channel around 175.70, recorded in November 2025.
Should selling pressure intensify and push EUR/JPY below this support zone, further declines may expose the 14-month low at 169.72. Conversely, the primary resistance lies at the 50-day EMA of 180.01. A move above this level would signal a bullish reversal, potentially driving EUR/JPY toward the upper boundary of the descending channel near 183.60 and even the all-time high of 187.95.
Analysts at MUFG note a potential hawkish shift at the Bank of Japan, citing Board Member Junko Koeda's recent remarks as evidence of the central bank's readiness to continue policy normalization.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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