Key Moments
- EUR/JPY trades around 178.70, extending gains for a second day while remaining within a descending channel.
- The 14-day RSI stands at 29.84, signaling ongoing downside pressure with conditions hovering near oversold territory.
- Primary support is seen near 177.60, while initial resistance aligns with the nine-day EMA at 179.73.
Technical Outlook for EUR/JPY
EUR/JPY continues to edge higher for a second straight session, trading near 178.70 during Asian hours on Tuesday. Despite the modest recovery, analysis of the daily chart indicates the pair is still confined within a descending channel, underscoring a prevailing bearish tone.
The cross remains under pressure as it trades below both the nine-day and 50-day Exponential Moving Averages (EMAs). This configuration implies that short-term rebounds are likely to attract selling interest as long as price action stays capped beneath these moving averages. The 14-day Relative Strength Index (RSI) reads 29.84, placing it close to oversold territory and suggesting that while downside momentum persists, further declines could begin to look technically stretched.
Key Support and Resistance Levels
On the downside, the lower boundary of the descending channel near 177.60 is identified as primary support for EUR/JPY. A sustained move below this level would reinforce the bearish bias and increase pressure on the pair as it trades around the region of the 10-month low at 175.70, which was recorded in November 2025.
On the upside, initial resistance is located at the nine-day EMA at 179.73. If buyers manage to push the cross above this level, the next notable hurdle is the 50-day EMA at 183.14. Additional resistance is seen at the upper boundary of the descending channel around 185.30. Beyond that, focus would shift to the all-time high of 187.95, which was set on April 17.
Yen Performance and BoJ Expectations
Commentary from strategists at Scotiabank highlights that the Yen’s underperformance relative to the USD and its G10 counterparts is being driven by more than shifts in risk sentiment. They note that “the relative performance suggests a focus on factors beyond sentiment, as market participants eye Friday’s BoJ and its widely anticipated and fully priced hike,” with positioning also influenced by the upcoming policy announcement and Japanese data releases.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Performance Against Major Currencies
The table below reports the percentage change of the Euro (EUR) versus major currencies today. According to the data, the Euro has shown its strongest performance against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.08% | 0.08% | 0.23% | 0.08% | 0.17% | 0.41% | 0.08% | |
| EUR | -0.08% | 0.00% | 0.12% | -0.01% | 0.08% | 0.31% | -0.00% | |
| GBP | -0.08% | 0.00% | 0.15% | -0.02% | 0.09% | 0.30% | -0.00% | |
| JPY | -0.23% | -0.12% | -0.15% | -0.15% | -0.06% | 0.17% | -0.15% | |
| CAD | -0.08% | 0.00% | 0.02% | 0.15% | 0.10% | 0.32% | 0.00% | |
| AUD | -0.17% | -0.08% | -0.09% | 0.06% | -0.10% | 0.23% | -0.10% | |
| NZD | -0.41% | -0.31% | -0.30% | -0.17% | -0.32% | -0.23% | -0.31% | |
| CHF | -0.08% | 0.00% | 0.00% | 0.15% | -0.00% | 0.10% | 0.31% |
The heat map should be read by selecting the base currency from the left column and the quote currency from the top row. For example, choosing the Euro as the base currency from the left and moving horizontally to the US Dollar column displays the percentage change for EUR (base)/USD (quote).
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