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EUR/JPY Price Forecast: Tests descending channel top near 185.50

  • EUR/JPY tests the upper boundary of the descending channel around 185.40.
  • The 14-day Relative Strength Index around 53 suggests mild positive momentum.
  • The immediate support lies at the psychological level of 185.00 near the nine-day EMA.

EUR/JPY remains stronger for the fourth successive day, trading around 185.30 during the Asian hours on Wednesday. The currency cross is holding a constructive bias as it extends above both the nine-day and 50-day Exponential Moving Averages (EMAs) clustered just under 185.00. This positioning suggests dips remain supported for now.

The 14-day Relative Strength Index (RSI) around 53 leans mildly positive without yet venturing into overbought territory, hinting at room for further upside as long as the pair defends its immediate moving average floor.

The technical analysis of the daily chart suggests the EUR/JPY cross is positioned on the upper boundary of the descending channel pattern around 185.40, indicating a potential bullish reversal. A sustained break above the channel would cause an emergence of a bullish bias.

A successful break above the channel would support the EUR/JPY cross in exploring the region around the all-time high of 187.95, recorded on April 17.

On the downside, the immediate support lies at the psychological level of 185.00, aligned with the nine-day EMA at 184.99, and followed by the 50-day EMA of 184.89. A break below this confluence support zone would reinforce the bearish bias and put downward pressure on the EUR/JPY cross, with the cross navigating the region around the three-month low of 181.87, recorded on March 16, followed by a five-month low of 180.81, reached on February 12.

Chart Analysis EUR/JPY

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

Euro Price Today

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

USDEURGBPJPYCADAUDNZDCHF
USD-0.07%-0.06%-0.06%-0.01%0.12%-0.62%-0.07%
EUR0.07%0.00%0.02%0.05%0.16%-0.55%-0.01%
GBP0.06%-0.01%0.00%0.05%0.16%-0.55%0.00%
JPY0.06%-0.02%0.00%0.06%0.16%-0.54%0.01%
CAD0.00%-0.05%-0.05%-0.06%0.11%-0.58%-0.05%
AUD-0.12%-0.16%-0.16%-0.16%-0.11%-0.69%-0.13%
NZD0.62%0.55%0.55%0.54%0.58%0.69%0.55%
CHF0.07%0.00%-0.00%-0.01%0.05%0.13%-0.55%

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

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.

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