EUR/JPY Price Stabilizes Amid Bearish Bias, Descending Channel Pattern

The EUR/JPY price has remained steady after three days of losses, trading around 178.60 during Asian hours on Thursday.

Technical analysis indicates that the currency cross is within a descending channel pattern, signaling a bearish bias.

The EUR/JPY cross holds beneath both the nine-period and 50-period Exponential Moving Averages (EMAs), suggesting rallies will be sold into.

Oversold conditions, indicated by the 14-day Relative Strength Index near 23, may slow but not reverse downward pressure.

The lower boundary of the descending channel around 177.90 could provide primary support for the EUR/JPY cross.