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EUR/JPY Price Forecast: Slips below 178.00 after pulling back from nine-day EMA

  • EUR/JPY could find immediate support at the lower boundary of the channel around 176.50.
  • The 14-day Relative Strength Index at 36.36 remains weak, signaling persistent selling pressure.
  • The primary resistance lies at the nine-day EMA at 178.25.

EUR/JPY inches lower after posting modest gains in the previous day, trading around 177.90 during Asian hours on Wednesday. Technical analysis of the daily chart shows that the currency cross is remaining within the descending channel pattern, suggesting an ongoing bearish bias.

The EUR/JPY cross is retaining a bearish near-term bias as it holds below both the nine-period and 50-period Exponential Moving Averages (EMAs). The short-term EMA sitting under the longer one and price capped beneath this cluster suggests rallies remain corrective, while the 14-day Relative Strength Index (RSI) at 36.36 stays in weak territory, hinting that selling pressure still dominates despite the recent stabilisation off last week’s lows.

The initial support lies at the lower boundary of the channel around 176.50, followed by an 11-month low of 175.70, recorded in November 2025. A break below this confluence support zone would expose the 14-month low of 169.72.

On the upside, the EUR/JPY cross may target the nine-day EMA of 178.25, followed by the 50-day EMA at 181.10. Further resistance lies at the upper boundary of the descending channel around 184.20, followed by the all-time high of 187.95 set on April 17.

BoJ seen in no rush for consecutive rate hikes

Analysts at Rabobank caution that, despite the Bank of Japan’s shift toward stabilizing inflation around its 2% target, “the Bank is still not widely viewed as being in a position in which back-to-back rate rises are appropriate.” This underscores market expectations that any further policy normalization from the BoJ is likely to proceed in a measured, gradual fashion rather than through rapid successive moves.

Chart Analysis EUR/JPY

(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 US Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD0.27%0.21%0.19%0.12%0.18%0.32%0.20%
EUR-0.27%-0.06%-0.05%-0.15%-0.10%0.06%-0.07%
GBP-0.21%0.06%0.00%-0.09%-0.04%0.12%0.00%
JPY-0.19%0.05%0.00%-0.08%-0.01%0.12%0.00%
CAD-0.12%0.15%0.09%0.08%0.06%0.21%0.10%
AUD-0.18%0.10%0.04%0.01%-0.06%0.15%0.03%
NZD-0.32%-0.06%-0.12%-0.12%-0.21%-0.15%-0.11%
CHF-0.20%0.07%-0.00%-0.01%-0.10%-0.03%0.11%

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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