EUR/JPY Price Forecast: Tests nine-day EMA support near 186.50
EUR/JPY inches lower after registering modest gains in the previous day, trading around 186.70 during Asian hours on Monday. The technical analysis of the daily chart indicates the currency cross is positioned within the ascending channel, signaling an ongoing bullish bias.
The EUR/JPY cross holds a bullish near-term bias as it consolidates above both the nine-day and 50-day Exponential Moving Averages (EMAs), respectively. The currency cross is hovering just under the recent highs, with the 14-day Relative Strength Index (RSI) around 60, suggesting positive but not extreme momentum that keeps the door open for another push higher while dips remain contained.
The EUR/JPY cross may advance toward the all-time high of 187.95, which was recorded on April 17. Further advances above this level would support the currency cross to explore the region around the upper boundary of the channel, around 189.70.
On the downside, the immediate support lies at the nine-day EMA of 186.75, aligned with the lower boundary of the ascending channel around 186.60. A sustained break below the channel would put downward pressure on the EUR/JPY cross to test the 50-day EMA at 184.94.
(The technical analysis of this story was written with the help of an AI tool.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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