EUR/JPY Weakens as Pair Trades Below Key Moving Averages

Key Moments

EUR/JPY has declined for a second straight session, trading near 184.30 during Asian hours on Wednesday.
The pair is holding below both the nine-day and 50-day EMAs, with the 14-day RSI around 44 signaling muted momentum.
Technical levels highlight potential downside toward 181.87 and 180.81, while resistance is clustered around 184.71 and 184.84.

EUR/JPY Technical Setup

EUR/JPY is under pressure for a second consecutive day, changing hands around 184.30 during the Asian session on Wednesday. On the daily chart, the cross is positioned just under the upper boundary of a developing descending wedge pattern. This structure is characterized by a series of lower highs and lower lows, with a tightening trading range that points to easing selling pressure even as the broader corrective phase continues.

The recent move lower has pushed the pair beneath near-term trend indicators. EUR/JPY now trades below both the nine-period Exponential Moving Average (EMA) and the 50-period EMA, reinforcing a short-term downside tilt as these averages act as immediate overhead barriers. The 14-day Relative Strength Index (RSI) stands around 44, indicating lackluster momentum and suggesting that sellers maintain control but without strong acceleration to the downside.

Key Resistance and Upside Levels

Initial resistance is located at the nine-day EMA at 184.71. Above that, the 50-day EMA at 184.84 presents the next hurdle, followed by the upper boundary of the descending wedge pattern. A decisive break through that wedge ceiling would open the door for EUR/JPY to revisit the region surrounding the all-time high of 187.95, which was reached on April 17.

Downside Risk Zones

On the downside, the cross may gravitate toward the three-month low at 181.87, which was posted on March 16. A further decline could bring the five-month low at 180.81, recorded on February 12, into focus as the next significant support area.

Euro Performance Against Major Currencies

Intraday moves in the broader foreign exchange market show how the Euro is trading relative to its peers. According to the table below, the Euro has been weakest against the Japanese Yen.

Euro Percentage Change Versus Majors

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.03%	-0.02%	-0.11%	0.07%	0.07%	0.08%	0.09%
EUR	-0.03%		-0.05%	-0.17%	0.03%	0.04%	0.06%	0.05%
GBP	0.02%	0.05%		-0.11%	0.09%	0.07%	0.11%	0.10%
JPY	0.11%	0.17%	0.11%		0.19%	0.20%	0.22%	0.22%
CAD	-0.07%	-0.03%	-0.09%	-0.19%		0.00%	0.06%	0.02%
AUD	-0.07%	-0.04%	-0.07%	-0.20%	-0.00%		0.03%	0.00%
NZD	-0.08%	-0.06%	-0.11%	-0.22%	-0.06%	-0.03%		-0.02%
CHF	-0.09%	-0.05%	-0.10%	-0.22%	-0.02%	-0.01%	0.02%

The heat map reflects percentage changes of major currencies against one another. The base currency is taken from the left-hand column, and the quote currency from the top row. For example, selecting the Euro from the left column and moving across to the US Dollar cell shows the percentage move in EUR (base)/USD (quote).