EUR/JPY Extends Bearish Streak Amid Descending Channel
The EUR/JPY currency pair is continuing its bearish trend, trading around 179.10 in Asian hours on Wednesday. This marks a third consecutive session of gains for the pair, but it remains within a descending channel.
According to technical analysis, the pair is below both the nine-day and 50-day Exponential Moving Averages (EMAs), indicating selling pressure. The 14-day Relative Strength Index (RSI) is near 34, signaling ongoing bearish momentum without reaching extreme oversold levels.
Key technical levels include channel support around 177.60 and resistance at the nine-day EMA at 179.69, the 50-day EMA at 183.00, and the upper channel boundary around 185.20. A break below the channel support could lead to a move towards an 11-month low of 175.70.