EUR/JPY Nears Channel Support as Bearish Bias Persists
The EUR/JPY currency cross is trading around 178.30 after rebounding from its descending channel bottom, according to Mitrade.
A technical analysis of the daily chart shows that the cross remains within a descending channel pattern, indicating an ongoing bearish bias.
The Moving Average Convergence Divergence (MACD) is not available, but the 14-day Relative Strength Index (RSI) at 26.98 indicates oversold conditions, suggesting that the sell-off may start to lose momentum if buyers defend nearby levels.
The immediate support for the EUR/JPY cross lies at the lower boundary of the descending channel around 177.70, and a break below this level would strengthen the bearish bias, putting downward pressure on the cross as it approaches its 10-month low of 175.70.