EUR/JPY Price Forecast: Hovers around 184.00 as near-term bearish bias maintains

• EUR/JPY may fall toward the 11-week low around 181.87.
• The 14-day Relative Strength Index stands at 41.75, signaling persistent downside pressure.
• The primary resistance lies at the nine-day EMA at 184.62.

EUR/JPY steadies after posting a little gain in the previous trading day, hovering around 184.00 during the Asian hours on Friday. The technical analysis of the daily chart indicates the currency cross maintains a bearish near-term bias as spot holds beneath both the 50-day and nine-day Exponential Moving Averages (EMAs).

The EUR/JPY cross extends a corrective phase below the nine-period and 50-period Exponential Moving Averages (EMAs), which together reinforce a bearish near-term bias as dynamic resistance overhead.

The 14-day Relative Strength Index (RSI) at 41.75 hovers below the midline, hinting that downside pressure persists but without entering oversold territory, leaving room for further weakness if sellers retain control.

On the downside, the EUR/JPY cross may navigate the region around the initial support, around the 11-week low of 181.87, recorded on March 16, followed by a five-month low of 180.81, which was reached on February 12.

The EUR/JPY cross may rebound toward the primary resistance at the nine-day EMA of 184.62, followed by the 50-day EMA of 184.84. A successful break above the short- and medium-term averages would revive the bullish bias and support the currency cross to explore the region around the all-time high of 187.95, which was recorded on April 17.

(The technical analysis of this story was written with the help of an AI tool.)