• EUR/JPY could test the lower boundary of the descending channel around 177.90.
• The 14-day Relative Strength Index near 23 signals oversold conditions.
• The currency cross could rebound toward the nine-day EMA of 180.84.

EUR/JPY remains steady after three days of losses, trading around 178.60 during the Asian hours on Thursday. Technical analysis of the daily chart indicates the currency cross remains within the descending channel pattern, signalling a bearish bias.

The EUR/JPY cross is maintaining a bearish near-term bias as it holds beneath both the nine-period and 50-period Exponential Moving Averages (EMAs). The currency cross’s slide below these dynamic resistances suggests rallies are likely to be sold into, while the 14-day Relative Strength Index (RSI) near 23 hints at oversold conditions that could slow, but not yet reverse, the current downward pressure.

The EUR/JPY cross may find its primary support at the lower boundary of the descending channel around 177.90. A break below the channel would strengthen the bearish bias and put downward pressure on the cross as it navigates the region around the 10-month low of 175.70, recorded in November 2025.

On the upside, the EUR/JPY cross could rebound toward the nine-day EMA of 180.84, followed by the 50-day EMA of 183.72. Further resistance lies at the upper boundary of the descending channel around 185.50, followed by the all-time high of 187.95 set on April 17.