When V opens a file, it tries to detect if the file is ASCII or EBCDIC. If it detects an EBCDIC file, it will automatically display it in EBCDIC mode.
If it incorrectly displays it as ASCII (text or hex), you can switch to EBCDIC mode by selecting EBCDIC from the View menu (or pressing Alt+B).
Similarly, if an ASCII file is incorrectly displayed as EBCDIC, you can return to ASCII mode by selecting ASCII from the View menu (or pressing Alt+B).
When a file is displayed in EBCDIC mode, EBC will be displayed on the bottom status bar. Clicking on EBC will allow you to modify several EBCDIC options.