EUR/JPY Price Forecast: Trades near 176.50 after slipping below nine-day EMA
EUR/JPY loses ground for the second consecutive day, trading around 176.80 during Asian hours on Friday. The technical analysis of the daily chart suggests that the currency cross is remaining within a descending channel pattern, indicating a prevailing bearish bias.
The EUR/JPY currency pair slipped below the nine-day Exponential Moving Average (EMA) after trading near 176.50 during Asian hours on Friday. Technical analysis indicates that the pair maintains a bearish near-term outlook as it remains beneath both the nine- and 50-day EMAs. Analysts at MUFG/BTMU point out that recent government intervention has altered the usual relationship between the Yen and interest rate differentials, but they stress that the underlying message from the currency's behavior is still clear: persistent portfolio and foreign direct investment outflows continue to weigh on the Yen's performance.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
