The EUR/JPY currency pair traded around 183.80 during Asian hours on Thursday, paring earlier losses but remaining in negative territory and within a corrective phase below key short- and medium-term trend indicators. The nine-day Exponential Moving Average (EMA) at 184.47 and the 50-day EMA at 184.95 are acting as immediate resistance levels, reinforcing a bearish near-term bias for the pair [1].
Technical analysis indicates that EUR/JPY has slipped back under these moving averages after failing to sustain gains near recent highs. The 14-day Relative Strength Index (RSI) stands at 36.96, approaching oversold territory, which suggests that while downside momentum is softening, it is not yet exhausted [1]. The pair remains confined within a symmetrical triangle pattern, signaling market indecision and the potential for an impending breakout as trading energy builds [1].
Currently, the spot price is trading slightly above the Volume-Weighted Average Price (VWAP) at 183.69, indicating mild bullish sentiment for the session as buyers are willing to pay above the average price. However, the overall technical setup suggests that bulls would need a daily close above the 50-day EMA at 184.95 to challenge the major resistance near the all-time high of 187.95 [1]. Initial support is seen at the lower boundary of the symmetrical triangle around 183.40, with further declines exposing the four-month low of 181.87 (recorded on March 16) and the six-month low of 180.81 [1].
In the broader context, the Euro was the weakest against the Swiss Franc among major currencies today, with a 0.08% decline versus CHF. Against the Japanese Yen, the Euro posted a modest 0.06% gain, reflecting mixed performance across the currency board [1].
CONCLUSION
EUR/JPY remains in a corrective and indecisive phase, trading near 184.00 and below key moving averages, with technical indicators pointing to continued bearish pressure unless a breakout occurs. The Euro's overall weakness, especially against the Swiss Franc, adds to the cautious sentiment. Market participants are watching for a decisive move out of the symmetrical triangle to signal the next trend direction.