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EUR/JPY Price Forecast: Breaks below 179.50 as bearish bias prevails

  • EUR/JPY may retest initial support at its eight-month low of 179.37.
  • With the 14-day Relative Strength Index at 27.71, the decline's pace may soon moderate.
  • The currency cross could rise toward its nine-day EMA at 184.07.

EUR/JPY extends its gains for the third successive day, trading around 179.40 during the Asian hours on Monday. The currency cross is extending a bearish near-term tone as price holds beneath both the nine-period and 50-period Exponential Moving Averages (EMAs).

The short-term EMA remains below the longer 50-period EMA, reinforcing downside pressure, while the 14-day Relative Strength Index (RSI) indicator at 27.71 slips into oversold territory, hinting that while sellers are in control, the pace of the decline could soon moderate.

The EUR/JPY cross may retest the initial support at the eight-month low of 179.37, reached on August 3. Further support lies at the nine-month low of 175.70.

On the upside, the EUR/JPY cross rises toward the nine-day EMA at 184.07, followed by 185.02. A break above these moving averages would cause a bullish shift and support the currency cross to explore the region around the all-time high of 187.95, which was recorded on April 17.

Chart Analysis EUR/JPY
EUR/JPY: Daily Chart

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Euro Price Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Japanese Yen.

USDEURGBPJPYCADAUDNZDCHF
USD-0.08%0.06%-0.63%0.09%-0.13%-0.08%0.15%
EUR0.08%0.13%-0.61%0.16%-0.07%0.04%0.18%
GBP-0.06%-0.13%-0.70%0.00%-0.20%-0.09%0.08%
JPY0.63%0.61%0.70%0.66%0.42%0.54%0.67%
CAD-0.09%-0.16%-0.00%-0.66%-0.23%-0.12%0.00%
AUD0.13%0.07%0.20%-0.42%0.23%0.10%0.29%
NZD0.08%-0.04%0.09%-0.54%0.12%-0.10%0.19%
CHF-0.15%-0.18%-0.08%-0.67%-0.01%-0.29%-0.19%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

Author

Akhtar Faruqui

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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