Bearish
EUR/JPY tests 177.50 barrier near nine-day EMA amid bearish trend.
Over the past 24 hours, EUR/JPY has been trading around 177.40, testing the 177.50 barrier near the nine-day Exponential Moving Average (EMA). The pair remains within a descending channel pattern, indicating a persistent bearish bias. Technical indicators, including the 14-day Relative Strength Index (RSI) at 36.36, suggest sustained selling pressure.
Key points
- Bearish trend: EUR/JPY continues to trade below both the nine- and 50-period EMAs, reinforcing a bearish near-term outlook.
- Technical indicators: The 14-day RSI at 36.36 indicates persistent selling pressure, with the pair approaching oversold territory.
- Support levels: Immediate support is at the lower boundary of the descending channel around 176.50.
Sources
AI-generated from public news sources. Not financial advice.
