FX.co ★ _Rocky_ | EUR/JPY

EUR/JPY Slides Toward Major Demand Zone as Bears Extend Intraday Control EUR/JPY remains under bearish pressure on the 30-minute timeframe, trading near 184.70 after a sharp breakdown from the 185.80–186.00 region. The chart shows a strong bullish trend during the first half of the week, with price steadily climbing toward fresh highs above 186.00. However, after failing to sustain those gains, momentum shifted decisively in favor of sellers. The transition from higher highs to lower highs was followed by an aggressive liquidation move that erased several days of upward progress in a relatively short period. The most significant technical event is the impulsive selloff visible on June 18. Price collapsed from the upper range and broke through multiple intraday support levels without encountering meaningful buying interest. This type of move typically reflects a liquidity-driven event, where stop-loss orders beneath support zones accelerate downside momentum. The decline ultimately pushed EUR/JPY into the major demand region around 184.40–184.50, highlighted by the broad support zone at the bottom of the chart. Buyers responded immediately upon reaching this area, producing a rebound that temporarily stabilized the market. Despite that reaction, the recovery has lacked conviction. Several rebound attempts toward 185.00–185.20 have been rejected, creating a sequence of lower highs that continues to favor the bears. The inability to reclaim the broken support levels suggests that sellers remain active on rallies. The recent price action resembles a corrective bounce within a broader short-term downtrend rather than the beginning of a full bullish reversal. As long as price remains below 185.20–185.40, bearish market structure remains intact. From a technical perspective, the 184.40–184.50 demand zone is now the most important level on the chart. Continued defense of this area could produce another relief rally toward overhead resistance. However, a decisive breakdown beneath support would expose additional downside liquidity and potentially trigger a deeper correction. On the upside, resistance is concentrated near 185.20, followed by the more significant former support region around 185.60–185.80. Until buyers reclaim those levels, the path of least resistance remains lower. The current chart reflects a market attempting to stabilize after a sharp selloff, but with bearish momentum still dominating the short-term outlook.