EUR/JPY Price Forecast: Tests nine-day EMA support near 177.50

EUR/JPY halts its four-day winning streak, trading around 177.70 during Asian hours on Tuesday. Technical analysis of the daily chart shows the currency cross remains within a descending channel pattern, suggesting an ongoing bearish bias.

The EUR/JPY cross is consolidating between short-term support and medium-term resistance. The currency cross holds just above the nine-day Exponential Moving Average (EMA) at 177.54, while the 50-day EMA at 179.84 caps the topside and keeps the broader bias neutral rather than decisively bullish. The 14-day Relative Strength Index (RSI) at 42.59 sits below the midline, hinting at modestly soft momentum but not outright oversold conditions.

The EUR/JPY cross tests the immediate support at the nine-day EMA of 177.54. A successful break below the short-term price average would strengthen the bearish bias and put downward pressure on the currency cross to test the 11-month low of 175.70, which was recorded in November 2025, followed by the lower boundary of its descending channel around 175.60. If selling pressure intensifies and pushes the currency cross below this confluence support zone, further declines could expose the 14-month low at 169.72.

On the upside, the primary resistance lies at the upper boundary of the descending channel near 178.70, followed by the 50-day EMA of 179.84. A move above the medium-term price average would cause a bullish reversal, opening the doors for the EUR/JPY cross to approach the all-time high of 187.95, reached on April 17.

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