EUR/JPY Price Forecast: Tests 180.00 Support, Nears Nine-Day EMA

EUR/JPY extended its decline on Wednesday, marking a second consecutive session of losses, with the pair trading at 180.11649 and approaching the 180.00 psychological level. Daily chart technical analysis shows the cross remains within a descending channel, with the overall bearish bias yet to reverse.

**180.00 Level Becomes Key Short-Term Support**

The current price is now close to the 180.00 psychological support level, which converges with the nine-day exponential moving average (EMA). Should the pair continue to face pressure below this moving average, bearish momentum may further accumulate. Market data shows the pair previously hovered around 185.50 before gradually pulling back to current levels, with the short-term bias clearly shifting lower.

**Descending Channel Caps Rebound Potential**

The descending channel pattern on the daily timeframe continues to exert pressure on the pair, limiting rebound momentum. From a technical standpoint, as long as the price fails to reclaim the upper boundary of the channel, the bearish structure is unlikely to fundamentally change. According to earlier FXSTREET analysis, a break below the key support zone could trigger further bearish reversal, with subsequent downside targets requiring attention to the validity of lower support levels.

**Watching the Outcome at 180.00**

As a round-number level, the fate of 180.00 carries directional significance for short-term sentiment. An effective breakdown could open the door to further downside, while stabilization at this level would warrant monitoring for a potential technical correction. The market remains cautious toward the euro's weakness against the yen, and future direction will depend on the interplay between moving average resistance and breakout dynamics.