EUR/JPY Price Forecast: Rises to near 185.50 due to bullish emergence
EUR/JPY gains ground for the fourth successive day, trading around 185.30 during the Asian hours on Thursday. The EUR/JPY cross is holding a constructive bias, with spot remaining above the nine-day and 50-day Exponential Moving Averages (EMAs). The short-term EMA, hovering just above the medium-term line, suggests the broader uptrend remains intact after the recent pullback.
The technical analysis of the daily chart suggests the EUR/JPY cross is moving within the ascending channel pattern, suggesting an ongoing bullish bias. The 14-day Relative Strength Index (RSI) near 52 suggests neutral-to-positive momentum rather than overbought conditions.
The EUR/JPY cross may explore the region around the upper boundary of the ascending channel around 187.80, followed by the all-time high of 187.95, recorded on April 17.
On the downside, the immediate support lies at the nine-day EMA of 185.24, followed by the 50-day EMA at 185.07. A break below these averages would cause the bearish emergence and put downward pressure on the EUR/JPY cross to test the lower ascending channel boundary around 184.50. Further declines would expose the nearly four-month low of 181.87, recorded on March 16, followed by the six-month low of 180.81, reached on February 12.
(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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