Forex
EUR/JPY Slips Below 178.00 as Bearish Bias Strengthens
The EUR/JPY currency pair continued its downward trend, slipping below the 178.00 mark as bearish bias strengthened.
Technical 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 and approaches oversold territory, hinting that selling pressure could be slowing.
Analysts note that the Yen is outperforming as Japan officials reiterate FX warnings, with Vice Minister for International Affairs Atsushi Mimura reminding market participants to heed last week's warnings from both PM Takaichi and FinMin Katayama.