- EUR/JPY could find primary support at the nine-day EMA at 183.34.
- The 14-day Relative Strength Index at 47.63 indicates prevailing bearish bias.
- The initial barrier lies at the 50-day EMA at 184.57.
EUR/JPY depreciates after registering modest gains in the previous day, trading around 183.80 during the Asian hours on Tuesday. The Relative Strength Index (14) at 47.63 sits just below the neutral 50 line, hinting at ongoing bearish momentum without yet reaching oversold conditions.
The EUR/JPY cross is holding a mildly bearish near-term bias as it remains below the 50-day Exponential Moving Average (EMA) while it is positioned just above the nine-day EMA. This configuration suggests the cross is caught between short-term support and overhead trend resistance, with price action vulnerable to further downside while the longer EMA caps the topside.
The initial support lies at the nine-day EMA at 183.34. A successful break below the short-term moving average would reinforce the bearish bias and put downward pressure on the EUR/JPY cross to fall toward the eight-month low of 179.37, reached on August 3, followed by the nine-month low of 175.70.
On the upside, the EUR/JPY cross could rise toward the primary resistance at the 50-day EMA at 184.57. Further advances above the medium-term moving average would cause a bullish emergence and support the currency cross to explore the region around the all-time high of 187.95, which was recorded on April 17.
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