EUR/JPY has pared back its recent gains from the previous day, trading around 180.10 during Asian hours on Friday, as the currency cross tests the nine-day Exponential Moving Average (EMA) support near 180.12 [1]. Technical analysis indicates that EUR/JPY continues to trade within a descending channel pattern, reinforcing a persistent bearish outlook. The pair remains below the 50-day EMA, and the 14-day Relative Strength Index (RSI) at 42.47 is under the neutral 50 mark, signaling ongoing downside pressure rather than a decisive recovery [1].
A break below the nine-day EMA would further reinforce the bearish bias, potentially pushing EUR/JPY toward the lower boundary of the descending channel at 177.00, and possibly to the 11-month low of 175.70 recorded in November 2025 [1]. Conversely, a rebound above the nine-day EMA could trigger a bullish reversal, with resistance levels at the 50-day EMA of 182.31, the upper boundary of the descending channel at 184.80, and the all-time high of 187.95 set on April 17 [1].
Market data shows that the Euro was the weakest against the Japanese Yen among major currencies today, with a percentage change of -0.01% for EUR/JPY, highlighting the Yen's relative strength in the current session [1]. The heat map further illustrates the Euro's underperformance against other major currencies, particularly the Japanese Yen [1].
No forward-looking statements or analyst opinions are provided beyond the technical analysis, which suggests that the immediate direction for EUR/JPY hinges on its ability to hold or break below the nine-day EMA support [1].
CONCLUSION
EUR/JPY is exhibiting a bearish bias as it tests key technical support levels, with the Euro underperforming against the Japanese Yen. The market is closely watching the nine-day EMA for signs of further downside or a potential bullish reversal. Overall, sentiment remains negative, and the currency pair's next move will likely depend on its interaction with immediate support and resistance levels.