EUR/JPY Price Forecast: Slips below 177.00 near nine-day EMA
EUR/JPY extends its losses for the second successive day, trading around 176.90 during Asian hours on Thursday. The technical analysis of the daily chart indicates that the currency cross is remaining within a descending channel pattern, suggesting an ongoing bearish bias.
The EUR/JPY currency pair has slipped below 177.00 near the nine-day Exponential Moving Average (EMA) after two consecutive days of losses. Based on technical analysis of the daily chart, the pair appears to be within a descending channel pattern, indicating a bearish trend. At present, the EUR/JPY pair is trading under both the nine- and 50-period EMAs, suggesting ongoing downside risk.
The 14-day Relative Strength Index (RSI) of 46 implies neutral-to-soft momentum rather than an oversold condition, allowing potential for further corrective pressure. Analysts at MUFG suggest that rising domestic demand is becoming a significant factor in the Japan Government Bond market.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
