EUR/JPY Holds Ground Above 179.00 Amid Bearish Bias
The EUR/JPY currency cross has been gaining ground for three days straight, trading at around 179.10 during Asian hours on Wednesday.
A technical analysis of the daily chart shows that the cross is trading within a descending channel, keeping the overall bias bearish.
The EUR/JPY cross is holding below both the nine-day and 50-day Exponential Moving Averages (EMAs), suggesting rallies may face supply. The 14-day Relative Strength Index (RSI) around 34 hints at lingering downside pressure but not yet an extreme oversold condition.
If the EUR/JPY cross falls, it may target the primary support at the lower boundary of the descending channel around 177.60.
On the upside, the EUR/JPY cross could target the nine-day EMA of 179.69, followed by the 50-day EMA of 183.00. Further resistance lies at the upper boundary of the descending channel around 185.20, followed by the all-time high of 187.95 set on April 17.