EUR/JPY Price Forecast: Tests 187.00 resistance as bullish bias holds

EUR/JPY gains ground after registering nearly 0.5% losses the previous trading day, hovering around 186.80 during Asian hours on Monday. The technical analysis of the daily chart indicates the currency cross is trending higher within an ascending channel, signaling a persistent bullish bias.

The EUR/JPY cross maintains a bullish near-term bias as it holds above both the nine- and the 50-period Exponential Moving Averages (EMAs), keeping the broader uptrend supported.

The 14-day Relative Strength Index at 62.30 sits in positive territory without being extreme, which suggests underlying buying pressure remains constructive while leaving room for further upside.

The EUR/JPY cross may find immediate resistance at the psychological level of 187.00, followed by the all-time high of 187.95, which was recorded on April 17. Further advances would support the currency cross to test the upper boundary of the ascending channel around 188.60.

On the downside, the EUR/JPY cross may find its primary support at the nine-day EMA of 186.58, followed by the lower ascending channel boundary around 186.00. A sustained break below the channel would expose the 50-day EMA at 184.51.

(The technical analysis of this story was written with the help of an AI tool.)