EUR/JPY Price Forecast: Rises above 173.00 due to prevailing bullish bias

EUR/JPY may find its primary barrier at 173.90, the highest since July 2024.
Bullish bias strengthens as the 14-day Relative Strength Index remains above the 50 mark.
The initial support lies at nine-day EMA of 172.31.

Akhtar Faruqui FXStreet

EUR/JPY continues its winning streak for the fifth successive session, trading around 173.20 during the European hours on Wednesday. The technical analysis of the daily chart suggests the prevailing bullish market bias as the currency cross is remaining within the ascending channel pattern.

The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, strengthening the bullish bias. Additionally, the short-term price momentum is stronger as the EUR/JPY cross remains above the nine-day Exponential Moving Average (EMA).

On the upside, the EUR/JPY cross may approach the 173.90, the highest since July 2024, recorded on July 28, 2025, aligned with the upper boundary of the ascending channel around the psychological level of 174.00.

The EUR/JPY cross may find its primary support at the nine-day EMA of 172.31. A break below this level could weaken the short-term price momentum and prompt the currency cross to test the ascending channel’s lower boundary around 171.40, followed by the 50-day EMA of 170.93.

Further declines below the confluence support zone would weaken the medium-term price momentum and put downward pressure on the EUR/JPY cross to navigate the region around the nine-week low at 169.72, which was recorded on July 31.

EUR/JPY: Daily Chart

Euro Price Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.08%	0.06%	0.24%	0.12%	-0.06%	0.06%	0.00%
EUR	0.08%		0.13%	0.31%	0.21%	-0.11%	0.12%	0.07%
GBP	-0.06%	-0.13%		0.16%	0.06%	-0.24%	0.00%	-0.06%
JPY	-0.24%	-0.31%	-0.16%		-0.14%	-0.39%	-0.28%	-0.23%
CAD	-0.12%	-0.21%	-0.06%	0.14%		-0.26%	-0.06%	-0.12%
AUD	0.06%	0.11%	0.24%	0.39%	0.26%		0.07%	0.18%
NZD	-0.06%	-0.12%	-0.00%	0.28%	0.06%	-0.07%		-0.06%
CHF	-0.00%	-0.07%	0.06%	0.23%	0.12%	-0.18%	0.06%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

AUD/USD challenges four-week highs beyond 0.7000

AUD/USD continues its march north, this time leaving behind the key 0.7000 hurdle and trading at shouting distance from multi-week tops. The persistent recovery in spot comes amid further losses in the Greenback amid extra improvement in the risk complex.

USD/JPY remains confined in a familiar range below 158.50

USD/JPY sees some dip-buying in the Asian session on Wednesday, though it remains confined within a multi-week range near 158.50 as the uncertainty over the timing of the next BoJ rate hike keeps Japanese Yen bulls on the defensive. Meanwhile, hawkish Fed expectations, bolstered by inflation risks stemming from volatile oil prices, underpin the US Dollar. However, looming intervention fears could limit JPY losses and cap the currency pair.

Gold advances modestly; targets $4,150

Gold prices manage to reverse three consecutive daily declines, trading just below the $4,150 mark per troy ounce on Wednesday. The precious metal’s recovery comes amid a slight drop in the US Dollar, mixed US Treasury yields across the board and a widespread cautious tone from the US-Iran front.

XRP and XLM regain momentum as derivatives activity picks up

Ripple and Stellar are regaining momentum on Wednesday, mirroring gains across major digital assets. XRP has climbed above $1.36, while XLM has reached $0.1854, reinforcing support levels recently tested. This gradual price increase comes amid sticky inflation in the United States and ahead of the Federal Reserve’s monetary decision next week.

What the midterm elections mean for Treasury yields, the Dollar and Gold

Democrats are priced to take the House, so November 3 comes down to the Senate and how much Washington can borrow without the other party. Treasury yields will show the answer first, then the Dollar and Gold. On November 3, Americans vote for all 435 House seats and 35 Senate seats. For bond prices, the result comes down to one thing: how much the government will borrow over the next two years.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.