Forex
EUR/JPY Consolidation Mode: Bearish Bias Lingers Near 183.90
The EUR/JPY currency cross has been stuck in consolidation mode, with prices hovering near 183.90 on Friday's Asian hours.
This is due to its position above the short-term nine-period EMA but below the medium-term 50-period EMA.
A near-neutral RSI reading of 48.21 also suggests a slight bearish bias as the pair struggles to reclaim its 50-period EMA while respecting nearby dynamic support.
According to technical analysis, if downward momentum continues, the next key target lies at the nine-month low of 175.70.