EUR/JPY Plunges Below 178.00 Amid Persistent Bearish Outlook

The EUR/JPY currency cross is experiencing a bearish trend, falling below 178.00 and remaining subdued for the fourth consecutive day.

Techincal analysis shows that the pair remains confined within a descending channel pattern, reinforcing a persistent bearish outlook.

The 14-day Relative Strength Index (RSI) is at 31.77, flirting with oversold territory and hinting that selling pressure may be slowing down.

Analysts at Scotiabank highlight the Yen's strength, attributing it to renewed emphasis from senior Japanese officials on heeding last week's warnings about FX risks.