EUR/JPY sustained its upward momentum for the second day in a row, trading near 180.40 during European hours on Monday, according to FX Street. The pair managed to break above the nine-day exponential moving average (EMA), signaling short-term strength.
Despite this positive move, FX Street noted that EUR/JPY remains confined within a descending channel, which maintains an overall bearish bias. This suggests that while recent gains are notable, the broader downtrend may still influence price action.
For Japanese investors, this development comes amid ongoing volatility in FX markets, where the yen's performance against major currencies continues to impact export-driven equities and risk sentiment.