EUR/JPY Plunges as Oversold Signals Rise
The EUR/JPY currency pair has continued its bearish trend, trading near 178.30 during Asian hours on Monday. The daily chart shows a descending channel, indicating a prevailing short-term bearish structure.
Price action remains capped beneath both the nine- and 50-period Exponential Moving Averages (EMAs), reinforcing the downside bias.
The 14-day Relative Strength Index (RSI) reading of 26.98 reflects oversold conditions, suggesting that while sellers are still in control, the intensity of the decline could ease if buyers step in around nearby technical support zones.
Immediate support is near the lower boundary of the descending channel at 177.70, with a decisive move below this area deepening the bearish outlook and bringing the region surrounding the 10-month low at 175.70 into focus.