EUR/JPY Slumps Below 178.50 Amid Oversold Conditions and Bearish Bias
The EUR/JPY currency cross is currently trading at around 178.40, having lost ground for the second consecutive day during Asian hours on Tuesday.
Technical analysis indicates that the pair remains within a descending channel pattern, signaling a bearish bias. The Relative Strength Index (RSI) sits at 23.09, indicating oversold conditions, but sellers still dominate below the clustered Exponential Moving Averages (EMAs).
The EUR/JPY cross maintains its bearish near-term tone as it remains below both the nine- and 50-period EMAs. The pair is extending its pullback from recent highs, with a support level at the lower boundary of the descending channel around 177.70.
A break below this channel would strengthen the bearish bias and put downward pressure on the cross as it navigates the region around the 10-month low of 175.70, recorded in November 2025.