Forex
EUR/JPY Stuck in Bearish Channel
The EUR/JPY currency cross has been hovering around 178.60 in Asian hours on Thursday, maintaining its three-day losing streak.
Technical analysis suggests a bearish bias for the cross as it remains within a descending channel pattern, indicating a downward trend.
The EUR/JPY cross is below both the nine-period and 50-period Exponential Moving Averages (EMAs), hinting at rallies being sold into. The 14-day Relative Strength Index (RSI) is near 23, suggesting oversold conditions that could slow but not reverse the downward pressure.
A break below the channel's lower boundary around 177.90 would strengthen the bearish bias and put downward pressure on the cross as it approaches the 10-month low of 175.70 set in November 2025.