EUR/JPY Trapped in Descending Channel with Bullish Rebound Halted
The EUR/JPY currency pair is showing signs of stabilization after a four-day losing streak, but its technical structure remains broadly bearish. According to TradingPedia, the pair is currently trading around 179.20 in Asian hours on Thursday.
Despite this modest stabilization, the daily chart indicates that the pair remains trapped within a descending channel, which reinforces a negative short-term tone. The cross continues to trade below both the nine-day and 50-day Exponential Moving Averages (EMAs), suggesting that recovery attempts are likely to encounter selling interest.
The 14-day Relative Strength Index (RSI) is at 40.46, reflecting neutral-to-soft momentum and pointing to constrained upside rather than a clearly oversold setup. Key technical levels for the pair include support near 176.80 and resistance around 179.22, as well as additional barriers at 181.74, 184.40, and 187.95.