Key Moments
- EUR/JPY traded around 178.30 during Asian hours after rebounding from the lower end of its descending channel.
- The 14-day Relative Strength Index stood at 26.98, indicating oversold market conditions.
- Immediate technical levels included support near 177.70 and initial resistance at the nine-day EMA around 180.00.
EUR/JPY Holds Within Descending Channel
EUR/JPY firmed modestly after prior losses, changing hands near 178.30 during Asian trading on Monday. The daily chart continues to show the pair moving within a descending channel, pointing to a prevailing bearish structure in the short term.
Price action remains capped beneath both the nine- and 50-period Exponential Moving Averages (EMAs), reinforcing the downside bias. While the Moving Average Convergence Divergence indicator is not available, the 14-day Relative Strength Index (RSI) reading of 26.98 reflects oversold conditions. This suggests that although sellers are still in control, the intensity of the decline could ease if buyers step in around nearby technical support zones.
Key Technical Levels for EUR/JPY
On the downside, the cross is eyeing immediate support near the lower boundary of the descending channel, around 177.70. A decisive move below this area would deepen the bearish outlook and bring the region surrounding the 10-month low at 175.70 into focus. That low was registered in November 2025.
If the pair attempts a recovery, the first upside hurdle is aligned with the nine-day EMA at 180.00. Above that, the 50-day EMA at 183.33 represents the next resistance area. Further gains would bring the upper boundary of the descending channel near 185.50 into play, followed by the all-time high of 187.95 that was reached on April 17.
Policy Backdrop and Yen Sentiment
Analysts at Scotiabank note that Japanese officials at the Ministry of Finance have pushed back strongly against recent efforts by US authorities to influence Japan’s macroeconomic policy approach. They highlight that Finance Minister Katayama characterized Treasury Secretary Bessents’ comments as “a bit scary.” According to Scotiabank, this stance underscores policymakers’ determination and contributes to a backdrop of “persistent hawkish rhetoric” that has been underpinning the Yen heading into next week’s BoJ meeting.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Performance Against Major Currencies
The following table summarizes the percentage change of the Euro (EUR) against major counterparts today. According to the data, the Euro was strongest versus the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.25% | 0.13% | 0.31% | 0.01% | 0.30% | 0.50% | 0.27% | |
| EUR | -0.25% | -0.08% | 0.02% | -0.26% | 0.05% | 0.29% | 0.02% | |
| GBP | -0.13% | 0.08% | 0.10% | -0.14% | 0.15% | 0.38% | 0.05% | |
| JPY | -0.31% | -0.02% | -0.10% | -0.28% | 0.03% | 0.22% | -0.06% | |
| CAD | -0.01% | 0.26% | 0.14% | 0.28% | 0.28% | 0.49% | 0.19% | |
| AUD | -0.30% | -0.05% | -0.15% | -0.03% | -0.28% | 0.23% | -0.12% | |
| NZD | -0.50% | -0.29% | -0.38% | -0.22% | -0.49% | -0.23% | -0.33% | |
| CHF | -0.27% | -0.02% | -0.05% | 0.06% | -0.19% | 0.12% | 0.33% |
The heat map is read by selecting the base currency from the left-hand column and the quote currency from the top row. For instance, choosing the Euro as the base and moving horizontally to the US Dollar cell provides the percentage move for EUR (base)/USD (quote).
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