The euro weakened against the yen in the European Central Bank’s Nov. 6 reference rate, while FXStreet’s Asian-session chart showed EUR/JPY below two moving averages used to track the pair’s trend.
The ECB listed 176.77 yen per euro for Nov. 6, down from 177.85 on Nov. 5. The bank says its daily figures serve as informational benchmarks and strongly discourages using them in transactions.
FXStreet reported EUR/JPY at about 176.80 yen per euro during Asian trading on Nov. 6, after a second straight daily decline. Its daily chart put the pair below the nine-day exponential moving average at 176.91 and the 50-day average at 178.59. The outlet also gave a 14-day relative strength index reading of 45.73 and described the pair as trading within a descending channel. FXStreet disclosed that an AI tool helped prepare its technical analysis. The latest chart reading follows EconoTimes’ earlier coverage of the pair’s descending-channel pattern.
In its analysis, FXStreet cited 175.07, a low it said was reached Oct. 30, as initial support. It placed the channel’s lower boundary near 174.00 and identified the 15-month low near 169.72 as a further downside level. These figures are levels in FXStreet’s analysis; the outlet’s 175.07 and 169.72 figures refer to lows it cited.
MUFG Research’s Nov. 2 outlook forecast EUR/JPY at 173.60 for the fourth quarter of 2026 and 174.40 for the first quarter of 2027. Its table showed consensus forecasts of 179.00 and 176.50 for those quarters, respectively. MUFG said the yen strengthened against the euro in October, with its London closing rate moving from 178.52 to 175.81. The Bank of Japan held its policy rate at 1.25% at its October meeting, and MUFG expected the central bank to raise the rate in December.
