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EUR/JPY Near Lower Boundary of Descending Channel
Confirmed
In Short: Technical analysis shows the currency cross is near the lower boundary of a descending channel, indicating support and a possible temporary rebound.
Technical analysis of the EUR/JPY currency cross on Tuesday, October 6, 2026, shows the pair is near the lower boundary of a descending channel, suggesting it holds support and may experience a temporary rebound.
The currency cross is trading close to the lower boundary of the descending channel, with the initial support level around 176.60, followed by an 11-month low of 175.70 recorded in November 2025.
A break below the channel would signal accelerating downward momentum, indicating a steeper downtrend.
Technical analysts suggest that the overall bearish bias remains intact as the currency cross continues to trade within the descending channel.
What this adds
The analysis indicates that the EUR/JPY pair is near the lower boundary of the descending channel, with support at 176.60 and a possible temporary rebound.
The bearish bias is maintained as the currency cross remains within the descending channel, with resistance at 184.20.
Background
Technical analysis of the EUR/JPY currency cross shows it is near the lower boundary of a descending channel, indicating support and a possible temporary rebound.
Technical analysis shows the currency cross is near the lower boundary of a descending channel, indicating support and a possible temporary rebound.
What's confirmed
- Technical analysis of the daily chart shows that the currency cross is remaining close to the lower boundary of the descending channel, suggesting the price holds support and a temporary bounce.
- However, a break below the channel would signal accelerating downward momentum in a steeper downtrend.
- Further resistance lies at the upper boundary of the descending channel around 184.20, followed by the all-time high of 187.95 set on April 17.
What's still developing
- "adopt a less hawkish tone in their public comments, thereby dampening expectations of interest-rate hikes and easing pressure on government bonds."