Euro Crashes Below 180 JPY on ECB Rate Cut and Yield Pressures

The Euro (EUR) fell below 180 Japanese Yen (JPY) on Thursday after the European Central Bank's rate cut and yield pressures. The EUR/JPY pair traded around 179.85 in early European dealings, staying in negative territory.

The cross remained below its 100-day simple moving average, with the Relative Strength Index (RSI) near 40, indicating a bearish near-term bias. Initial resistance is identified at 180.00, while first support sits at 178.48, followed by deeper levels at 177.45 and 175.91.

Market participants are monitoring the risk of official action from Japanese authorities, which has been lending some support to the Japanese Yen (JPY) against the Euro (EUR). Germany's IFO survey was scheduled for release later on Thursday, adding another data point for Euro watchers.