EUR/JPY extends its losses for the second consecutive day, trading around 159.60 during the Asian hours on Wednesday.
The EUR/JPY cross may depreciate further as the daily chart analysis suggests a prevailing bearish bias. A corrective move could be indicated once the 14-day RSI falls below the 30 mark. The primary support appears at the descending channel around the psychological level of 159.00. Technical analysis of the daily chart shows the pair is moving downwards within the descending channel pattern, suggesting an ongoing bearish bias.
On the upside, the EUR/JPY cross may approach to test the upper boundary of the descending channel near the nine-day Exponential Moving Average at the 161.80 level, followed by the 14-day EMA at 162.43. A decisive breach above these levels would cause the emergence of the momentum shift from bearish to bullish and support the pair to re-test a four-month high of 166.69, a level last seen on October 31.
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