EUR/JPY Holds Near 180.00 as Channel Caps Rally Attempts

Key Moments

EUR/JPY traded around 180.10 during Asian hours on Wednesday, extending declines for a second straight session.
The cross is testing support near the 180.00 psychological level, which aligns with the nine-day EMA at 179.95.
The 50-day EMA at 182.46 remains the primary topside hurdle, with the 14-day RSI at 41.70 pointing to weak buying interest.

Technical Overview: Bearish Channel Intact

EUR/JPY continued to edge lower for a second consecutive day, trading near 180.10 during Asian hours on Wednesday. On the daily chart, the pair remains confined within a descending channel, reinforcing a prevailing bearish technical tone.

The cross is showing a modest downside bias as it trades just above the nine-day Exponential Moving Average (EMA), while upside attempts are limited by the 50-day EMA. The failure to break back above this longer-term EMA indicates constrained upward momentum. At the same time, the 14-day Relative Strength Index (RSI) stands at 41.70, staying below the neutral 50 level and signaling weak demand rather than a strong acceleration lower.

Key Support Levels: Focus on 180.00 and Channel Floor

Price action is pressing on immediate support at the psychologically important 180.00 handle, which is closely aligned with the nine-day EMA at 179.95. A clear move below this overlapping support area would likely reinforce the bearish setup and could open the way for a deeper slide toward the lower boundary of the descending channel, located around 177.30.

Should selling pressure intensify beyond that zone, the next notable downside reference is the almost 11-month low of 175.70, which was registered in November 2025.

Upside Barriers: EMAs and Channel Resistance

On the upside, any rebound in EUR/JPY faces an initial objective at the 50-day EMA, currently positioned at 182.46. A sustained break above this level would be needed to relieve some of the existing downside pressure.

Further resistance is seen at the upper boundary of the descending channel around 184.80. Beyond that, the next key level is the all-time high at 187.95, reached on April 17.

Yen Sentiment and Bank of Japan Outlook

Yen dynamics are also being shaped by evolving expectations around Bank of Japan policy. Analysts at MUFG describe the central bank’s latest decision as the beginning of a “new phase” in monetary policy, stating that it is “consistent with a rate hike every three months.” They highlight that this more regular tightening pattern is unfolding even as external influences such as higher US yields and elevated energy prices continue to pressure the Yen. According to their assessment, these developments support the view that BoJ policy will become gradually but steadily less accommodative in the quarters ahead.

Euro Performance Against Major Currencies

The table below presents the percentage change of the Euro (EUR) against major currencies today. Euro was the weakest against the US Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD	–	0.22%	0.25%	0.17%	0.13%	0.22%	0.44%	0.10%
EUR	-0.22%	–	0.02%	-0.02%	-0.08%	0.02%	0.21%	-0.12%
GBP	-0.25%	-0.02%	–	-0.04%	-0.08%	-0.02%	0.19%	-0.07%
JPY	-0.17%	0.02%	0.04%	–	-0.03%	0.03%	0.27%	-0.01%
CAD	-0.13%	0.08%	0.08%	0.03%	–	0.07%	0.31%	0.03%
AUD	-0.22%	-0.02%	0.02%	-0.03%	-0.07%	–	0.22%	-0.04%
NZD	-0.44%	-0.21%	-0.19%	-0.27%	-0.31%	-0.22%	–	-0.27%
CHF	-0.10%	0.12%	0.07%	0.00%	-0.03%	0.04%	0.27%	–

The heat map shows the percentage changes of major currencies against each other. The base currency is taken from the left column, and the quote currency from the top row. For instance, selecting the Euro from the left column and moving horizontally to the US Dollar cell provides the percentage change for EUR (base)/USD (quote).