EURJPY: Bearish Pressure Persists Below 177.56 Resistance

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of EURJPY for October 14, 2026.

Technical Analysis of EURJPY

EURJPY Daily Chart Insight

(EURJPY Daily Chart, Source: Ultima Markets MT5)

EURJPY remains under significant bearish pressure on the daily chart following a sharp decline from its August highs near 186.00. The pair has established a sequence of lower highs and lower lows, with recent price action consolidating around 177.00–177.54 after testing support near 176.46. The price continues to trade below the red 16-period moving average (MA16), purple 50-period moving average (MA50), and blue 100-period moving average (MA100), all of which are sloping downward and reinforcing the broader bearish structure.

Daily RSI stands at 39.18, indicating that sellers retain the advantage despite the latest recovery attempt. A sustained move above the declining MA16 near 178.14 would be an initial sign of improving momentum, while failure to overcome this resistance could expose the recent lows to another test.

Key Levels:

• Support 1 (177.02): Immediate support around the recent consolidation area, where buyers have repeatedly attempted to stabilise prices.
• Support 2 (176.46): A key lower support zone near the recent October lows, with a breakdown potentially extending the prevailing downtrend.
• Resistance 1 (178.14): Immediate dynamic resistance near the declining red 16-period moving average (MA16), which could limit short-term recovery attempts.
• Resistance 2 (180.38–180.94): A significant resistance zone encompassing the previous recovery highs, with the declining purple 50-period moving average (MA50) providing additional overhead pressure.
• Resistance 3 (183.18): Higher resistance around the declining blue 100-period moving average (MA100), representing a major technical barrier to a broader bullish reversal.

EURJPY 2-Hour Chart Analysis

(EURJPY 2-Hour Chart, Source: Ultima Markets MT5)

EURJPY is showing signs of a short-term bullish recovery on the 2-hour chart, although the broader structure remains bearish. Following a rebound from the 176.46–176.58 support area, the pair has climbed above the red 16-period moving average (MA16) and purple 50-period moving average (MA50), both of which are beginning to turn higher. However, the declining blue 100-period moving average (MA100) remains an important overhead barrier near 177.56.

The RSI has recovered to 62.96, reflecting strengthening buying momentum as prices challenge this resistance. Despite the improvement, the continued downward slope of the MA100 suggests that the recovery has not yet confirmed a broader trend reversal. A decisive breakout above 177.56 could extend the rebound, while rejection around this level may trigger another pullback toward the shorter-period moving averages.

Breakout Scenarios:

• Bullish continuation is a possible scenario, triggered by a decisive break and hold above 177.56, where the declining MA100 currently acts as resistance. A confirmed breakout could open the way toward 177.85, followed by 178.11.
• Bearish correction is a possible scenario, triggered by rejection near 177.56 followed by a breakdown below the 177.09–177.20 moving-average support area. Such a move could expose 176.83, followed by the recent swing-low region near 176.46–176.58.

EURJPY Pivot Indicator

(EURJPY 30-Minute Chart, Source: Trading Central)

EURJPY maintains a bearish intraday bias on the 30-minute chart, with the current price at 177.31 remaining below the key pivot resistance at 177.56. Recent price action shows a modest recovery toward this resistance following a period of consolidation, although buyers have yet to establish a confirmed breakout. The RSI stands at 60.34, indicating improving short-term buying momentum, while the MACD remains positive at 0.08 but shows signs of flattening.

This suggests that the latest recovery could encounter resistance despite improving momentum conditions. As long as EURJPY remains below 177.56, the immediate bearish preference remains intact, with downside targets positioned at 176.26 and 175.88.

• Bearish Breakdown: A failure to overcome 177.56, followed by renewed selling pressure, would maintain the bearish preference and expose the first downside target at 176.26, followed by 175.88. Confirmation would strengthen if the RSI turns lower from 60.34 while the MACD weakens from its current positive reading of 0.08 toward the zero line.
• Bullish Reversal: A decisive breakout and sustained move above 177.56 would invalidate the immediate bearish preference, potentially opening the way toward 178.19, followed by 178.57. Confirmation would be supported by the RSI maintaining strength above its current 60.34 reading and the MACD extending its positive momentum beyond 0.08.

Disclaimer Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.