EUR/JPY is trading around 177.50 during Asian hours on Monday, having opened with a bearish gap and remaining under pressure. On the daily chart, the cross continues to move within a descending channel pattern, reinforcing a downside bias. The pair is trading below its 50-day Exponential Moving Average (EMA), which is capping attempts to recover. At the same time, EUR/JPY is trying to find support just above the nine-day EMA, pointing to short-term consolidation within an overall corrective move. The 14-day Relative Strength Index (RSI), hovering around 41, reflects weak momentum rather than a strong rebound. On the downside, immediate support is seen at the nine-day EMA at 177.40.
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