Forex
EUR/JPY Slips Below 178.00 as Bearish Bias Strengthens
The EUR/JPY currency cross has been sliding downward for four consecutive days, currently trading around 177.70 during Asian hours on Wednesday.
This trend is reinforced by a descending channel pattern in the daily chart, suggesting a bearish outlook for the pair.
TMGM analysts note that the EUR/JPY cross remains below both the nine- and 50-period Exponential Moving Averages (EMAs), indicating a layered moving-average ceiling.
The short-term EMA is under the longer one, while price trades beneath them, suggesting capped downside pressure.
The 14-day Relative Strength Index at 31.77 is approaching oversold territory, hinting that selling pressure could be slowing rather than reversing decisively.