Forex
EUR/JPY Tests Key Resistance Amid Bearish Outlook
The EUR/JPY currency cross has halted its four-day losing streak, trading at around 179.20 during Asian hours on Thursday.
According to technical analysis of the daily chart, the pair remains confined within a descending channel pattern, reinforcing a persistent bearish outlook.
The EUR/JPY cross is retaining a bearish near-term bias as it holds below both the nine- and 50-day Exponential Moving Averages (EMAs).
Analysts at MUFG/BTMU highlight that former BoJ official Kazuo Momma's guidance on the likely pace of tightening aligns closely with their own projections, indicating a gradual hike in interest rates.