EUR/JPY Price Forecast: Holds losses below 178.00 despite mildly positive momentum
- EUR/JPY may test the initial support at the nine-day EMA of 177.08.
- The 14-day Relative Strength Index around 53 suggests mildly positive momentum.
- The initial barrier lies at the upper boundary of the descending channel near 178.50.
EUR/JPY depreciates after three days of gains, trading around 177.90 during European hours on Thursday. The technical analysis of the daily chart suggests that the currency cross is remaining within a descending channel pattern, indicating a prevailing bearish bias.
The EUR/JPY cross is caught between nearby dynamic levels, holding above the nine-day Exponential Moving Average (EMA) but still capped by the 50-day EMA, which limits topside follow-through and keeps the broader tone neutral for now. The 14-day Relative Strength Index (RSI) around 53 suggests mildly positive momentum, hinting that buyers retain some control while price stays above the shorter-term EMA.
The EUR/JPY cross may find initial support at the nine-day EMA of 177.08, followed by the 12-month low of 175.07, reached on October 30. Further support lies at the lower boundary of its descending channel around 174.20. A break below the channel would open the door for the currency cross to navigate the region around the 15-month low at 169.72.
On the upside, the EUR/JPY cross may test the initial barrier at the upper boundary of the descending channel near 178.50, followed by the 50-day EMA of 178.69. A successful break above the medium-term price average would cause a bullish reversal, supporting the EUR/JPY cross to explore the area around the all-time high of 187.95, reached on April 17.
Euro and US inflation swaps slide to two-month lows
Analysts at Deutsche Bank highlight that the move in spot inflation data was accompanied by a sharp repricing in market-based expectations, noting that this “led to a huge decline in inflation expectations, with the Euro 1yr inflation swap (-25.9bps) down to a two-month low of 3.10%, whilst the 1yr US inflation swap (-24.9bps) hit a two-month low of 2.16%.” They point out that the parallel drop in Euro and US 1-year inflation swaps underlines how quickly near-term price pressures are being marked lower across both sides of the Atlantic.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.12% | -0.02% | -0.14% | -0.06% | -0.08% | -0.24% | -0.07% | |
| EUR | 0.12% | 0.10% | -0.05% | 0.05% | 0.04% | -0.13% | 0.03% | |
| GBP | 0.02% | -0.10% | -0.15% | -0.05% | -0.06% | -0.21% | -0.06% | |
| JPY | 0.14% | 0.05% | 0.15% | 0.08% | 0.08% | -0.11% | 0.06% | |
| CAD | 0.06% | -0.05% | 0.05% | -0.08% | -0.00% | -0.18% | -0.02% | |
| AUD | 0.08% | -0.04% | 0.06% | -0.08% | 0.00% | -0.15% | -0.01% | |
| NZD | 0.24% | 0.13% | 0.21% | 0.11% | 0.18% | 0.15% | 0.18% | |
| CHF | 0.07% | -0.03% | 0.06% | -0.06% | 0.02% | 0.00% | -0.18% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).