EUR/JPY Slips Below 179.00 Amid Bearish Bias

The EUR/JPY currency cross is trading bearishly as it falls below 179.00, according to TradingKey. The cross has been in a descending channel since its recent gains, and technical analysis suggests that support may be found at the channel's lower boundary near 177.40.

The 14-day Relative Strength Index (RSI) is around 32, indicating persistent downside pressure on the currency cross.

Strategists at Scotiabank note that overnight Euro volatility has picked up ahead of the FOMC, with 'overnight EUR vol has firmed modestly, implying a breakeven move in spot of about 50 pips.'