Key Moments
- EUR/JPY traded around 177.90 during Asian hours on Wednesday after a modest advance in the prior session.
- The pair remains below both the nine-period and 50-period EMAs, with the 14-day RSI at 36.36 indicating persistent downside pressure.
- Key support levels are clustered near 176.50 and 175.70, while resistance is defined by the nine-day EMA at 178.25 and the 50-day EMA at 181.10.
Bearish Structure Intact Below Key Moving Averages
EUR/JPY edged lower during Asian trading on Wednesday, hovering near 177.90 after posting modest gains in the previous session. A review of the daily chart indicates that the cross continues to trade within a descending channel, reinforcing a bearish technical backdrop.
The near-term tone for EUR/JPY remains negative as price action holds beneath both the nine-period and 50-period Exponential Moving Averages (EMAs). With the shorter EMA positioned under the longer EMA and spot trading below this resistance band, rebounds are being viewed as corrective in nature. At the same time, the 14-day Relative Strength Index (RSI) stands at 36.36, a level that reflects weak momentum and suggests selling interest is still dominant despite some stabilization following last week’s lows.
Key Technical Levels: Support and Resistance
On the downside, immediate support is seen at the lower edge of the descending channel, located around 176.50. Beneath that, the next level to watch is the 11-month low at 175.70, which was registered in November 2025. A decisive break below this confluence of support would open the door toward the 14-month low at 169.72.
On the upside, the first notable hurdle is the nine-day EMA at 178.25. If buyers manage to push the pair higher, subsequent resistance comes in at the 50-day EMA at 181.10. Additional resistance is aligned with the upper boundary of the descending channel near 184.20, followed by the all-time high of 187.95 that was reached on April 17.
BoJ Policy Outlook: Gradual Path Expected
In the broader policy backdrop, analysts at Rabobank highlight that, even though the Bank of Japan has moved toward anchoring inflation around its 2% objective, “the Bank is still not widely viewed as being in a position in which back-to-back rate rises are appropriate.” According to these analysts, this reflects a market view that any further steps toward policy normalization by the BoJ are likely to occur in a cautious and gradual manner rather than via rapid successive rate increases.
Euro Performance Against Major Currencies
The following table summarizes the percentage change of the Euro (EUR) against other major currencies today, along with cross-moves among those currencies. According to this snapshot, the Euro was the weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.27% | 0.21% | 0.19% | 0.12% | 0.18% | 0.32% | 0.20% | |
| EUR | -0.27% | -0.06% | -0.05% | -0.15% | -0.10% | 0.06% | -0.07% | |
| GBP | -0.21% | 0.06% | 0.00% | -0.09% | -0.04% | 0.12% | 0.00% | |
| JPY | -0.19% | 0.05% | 0.00% | -0.08% | -0.01% | 0.12% | 0.00% | |
| CAD | -0.12% | 0.15% | 0.09% | 0.08% | 0.06% | 0.21% | 0.10% | |
| AUD | -0.18% | 0.10% | 0.04% | 0.01% | -0.06% | 0.15% | 0.03% | |
| NZD | -0.32% | -0.06% | -0.12% | -0.12% | -0.21% | -0.15% | -0.11% | |
| CHF | -0.20% | 0.07% | -0.00% | -0.01% | -0.10% | -0.03% | 0.11% |
The heat map shows percentage changes of major currencies relative to each other. The base currency is taken from the left-hand column, and the quote currency is taken from the top row. For instance, selecting the Euro as the base currency and moving across to the US Dollar cell provides the percentage change for EUR (base)/USD (quote).
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