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EUR/JPY steadies near descending channel support after losing streak
The pair was last around 177.4 in Asian trading, holding near the channel lower boundary at 176.6 and support near 175.7.
EUR/JPY halted a seven-day losing streak and traded around 177.4 during Asian hours on Tuesday, according to FXStreet. The outlet said the daily chart remains close to the lower boundary of a descending channel, suggesting the cross is holding support and showing a temporary bounce.
FXStreet added that breaking below the channel would point to accelerating downside momentum in a steeper downtrend. The pair also remains bearish as it trades below both the nine- and 50-period EMAs, while the 14-day Relative Strength Index reading of 29.8 stays in oversold territory.
On support, FXStreet identified the initial level near 176.6, followed by 175.7, which it said is an 11-month low recorded in November 2025. It also cited a deeper support level at the 14-month low of 169.72.
For potential rebounds, FXStreet said EUR/JPY could test the nine-day EMA at 178.18, then the 50-day EMA at 181.20. It described a bearish bias unless price can hold above the channel support area.