EUR/JPY Price Forecast: Moves below 177.00, with exiting overbought zone

EUR/JPY may find its initial support at the nine-day EMA of 175.84.
The 14-day Relative Strength Index moves below the 70 mark, suggesting that bullish bias is weakening.
The primary resistance lies at an all-time high of 177.94 reached on Thursday.

Akhtar Faruqui FXStreet

EUR/JPY loses ground for the second successive session, trading around 176.70 during the European hours on Friday. The technical analysis of the daily chart indicates that short-term price momentum is stronger as the currency cross remains above the nine-day Exponential Moving Average (EMA).

However, the 14-day Relative Strength Index (RSI) moves below the 70 mark, suggesting that bullish bias is weakening and the EUR/JPY cross is exiting overbought territory, signaling a price correction.

The EUR/JPY cross may find its primary support at the nine-day EMA of 175.84. A break below this level could weaken the short-term price momentum and lead the currency cross to test the 50-day EMA at 173.30, followed by the five-week low of 172.14, which was recorded on September 9.

On the upside, the EUR/JPY cross may target the new all-time high of 177.94, which was recorded on October 9. A break above this level would prompt the currency cross to test the upward trendline around 179.50. Further advances would strengthen the bullish bias and support the currency cross to explore the region around the psychological level of 180.00.

EUR/JPY: Daily Chart

Euro Price Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.09%	0.05%	-0.03%	0.02%	0.05%	0.21%	-0.18%
EUR	0.09%		0.17%	0.00%	0.10%	0.18%	0.06%	0.00%
GBP	-0.05%	-0.17%		-0.14%	-0.10%	0.00%	0.11%	-0.21%
JPY	0.03%	0.00%	0.14%		0.16%	0.16%	0.25%	-0.04%
CAD	-0.02%	-0.10%	0.10%	-0.16%		-0.02%	0.16%	-0.11%
AUD	-0.05%	-0.18%	-0.00%	-0.16%	0.02%		0.13%	-0.22%
NZD	-0.21%	-0.06%	-0.11%	-0.25%	-0.16%	-0.13%		-0.34%
CHF	0.18%	-0.00%	0.21%	0.04%	0.11%	0.22%	0.34%

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

FXStreet

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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