177.00 gives way: EUR/JPY price forecast as pair slips near nine-day EMA

175.07, the 12-month low, may offer EUR/JPY its first support.
At around 46, the 14-day Relative Strength Index points to neutral-to-soft momentum.
At 177.03, the nine-day EMA presents the nearest hurdle.

EUR/JPY trades near 176.90. The cross is down for a second consecutive day during Thursday’s Asian session. On the daily chart, price remains inside a descending channel, signalling that the bearish bias persists.

With price below both the nine- and 50-period Exponential Moving Averages (EMAs), EUR/JPY’s near-term outlook remains constrained. Both the shorter- and longer-term EMAs sit above the cross, pointing to continued downside risk. Meanwhile, a 14-day Relative Strength Index (RSI) reading around 46 indicates neutral-to-soft momentum, rather than oversold conditions. Further corrective pressure therefore remains possible.

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

The 12-month low of 175.07, recorded on 30 October, may be the next downside target for EUR/JPY. Beyond that lies the descending channel’s lower boundary near 173.60. Should the cross break beneath the channel, the area around the 15-month low of 169.72 would come into view.

A recovery could bring EUR/JPY towards its nearest resistance, the nine-day EMA at 177.03. The channel’s upper boundary near 178.20 and the 50-day EMA at 178.37 would be the subsequent hurdles. Clearing the medium-term price average would trigger a bullish reversal, supporting a move towards the all-time high of 187.95, recorded on 17 April.

Chart Analysis EUR/JPY — EUR/JPY: Daily Technical Chart

Stronger domestic demand is playing a growing role in supporting the Japan Government Bond market, according to analysts at MUFG. Referring to Ministry of Finance figures, they state that “the data confirming this pick-up in JGB buying by Japanese households comes from the MoF,” whose website has a dedicated section for individual JGBs. The issuance figures in that section “show a marked pick-up in issuance to individuals with the November total for 3-, 5-, and 10-year totalling JPY 2,026bn, the largest single-month total,” highlighting the scale of the recent change in household participation.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Euro: Today’s Currency Performance

Against the Japanese Yen, the Euro recorded its weakest performance today. The table below sets out the Euro’s (EUR) percentage changes against the major currencies listed.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.13%	0.14%	-0.10%	0.06%	0.02%	0.05%	0.00%
EUR	-0.13%		0.01%	-0.21%	-0.05%	-0.11%	-0.09%	-0.13%
GBP	-0.14%	-0.01%		-0.21%	-0.10%	-0.13%	-0.09%	-0.14%
JPY	0.10%	0.21%	0.21%		0.13%	0.10%	0.11%	0.09%
CAD	-0.06%	0.05%	0.10%	-0.13%		-0.02%	-0.01%	-0.04%
AUD	-0.02%	0.11%	0.13%	-0.10%	0.02%		0.03%	-0.02%
NZD	-0.05%	0.09%	0.09%	-0.11%	0.00%	-0.03%		-0.01%
CHF	-0.01%	0.13%	0.14%	-0.09%	0.04%	0.02%	0.00%

Percentage movements between the major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. Selecting the Euro on the left and following its row across to the US Dollar, for instance, gives the percentage change for EUR (base)/USD (quote) in the corresponding cell.