The EUR/JPY currency pair gained ground for the third consecutive day, trading around 179.10 during Asian hours on Wednesday, despite maintaining a bearish near-term bias according to technical analysis. The pair remains within a descending channel on the daily chart and is trading below both the nine-day and 50-day Exponential Moving Averages (EMAs), indicating that any rallies are likely to encounter supply. The 14-day Relative Strength Index (RSI) is at approximately 34, suggesting ongoing downside pressure but not yet signaling an extreme oversold condition [1].
Key technical levels highlighted include primary support at the lower boundary of the descending channel around 177.60. A break below this level would reinforce the bearish bias and could drive the pair toward an 11-month low of 175.70, which was recorded in November 2025. On the upside, the nine-day EMA at 179.69 and the 50-day EMA at 183.00 serve as immediate resistance levels, with further resistance at the upper boundary of the descending channel around 185.20 and the all-time high of 187.95 set on April 17 [1].
In terms of broader currency performance, the Euro showed relative strength against the New Zealand Dollar but only modest gains or losses against other major currencies. Specifically, the Euro was up 0.04% against the Japanese Yen on the day, reflecting the pair's slight upward movement. The heat map of percentage changes among major currencies underscores the Euro's mixed performance, with its strongest showing against the New Zealand Dollar [1].
No explicit forward-looking statements or analyst opinions were provided in the article, but the technical setup suggests that unless EUR/JPY breaks above key resistance levels, the bearish bias is likely to persist [1].
CONCLUSION
EUR/JPY continues to trade above 179.00 but faces a bearish technical outlook, with downside risks prevailing unless key resistance levels are breached. The Euro's performance against major currencies remains mixed, with notable strength only against the New Zealand Dollar. Market participants should monitor support and resistance levels for potential shifts in momentum.