EUR/JPY Falters Near Channel Bottom, RSI Hints at Looming Downside

The EUR/JPY currency cross is trading near 181.50 after rebounding from the descending channel bottom.

Analysts at TMGM note that the pair has been within a descending channel pattern, indicating a bearish bias.

However, the 14-day Relative Strength Index (RSI) is above 30, hinting at lingering downside pressure despite approaching oversold conditions.

The cross may test immediate support at the lower boundary of the channel around 180.70, or target the initial barrier at the nine-day EMA of 183.74.