EUR/JPY trades lower at 177.40, failing to sustain recent gains as the pair continues to respect a bearish descending channel pattern on the daily timeframe.
EUR/JPY has pulled back from the top of a descending channel and is trading below 177.50, around 177.40 during Asian hours. The daily chart shows the cross remaining within a descending channel pattern, indicating a prevailing bearish bias, so further depreciation is more likely. The prior two days of gains could argue for consolidation, but the technical setup is still bearish.
EUR/JPY is trading around 177.40 during Asian hours on Wednesday.
It indicates a prevailing bearish bias for the currency cross.
The EUR/JPY currency cross has retreated to 177.40 during Wednesday's Asian trading session, snapping a two-day winning streak. Technical analysis confirms the pair remains trapped within a descending channel, reinforcing a bearish outlook for the short term.
The outlook remains bearish as the pair continues to trade within a descending channel pattern on the daily chart.
EUR/JPY is currently trading around 177.40, having pulled back from the top of its descending channel.