EUR/JPY Price Forecast: Rises to near 186.00 as bullish bias prevails
EUR/JPY remains stronger for the second successive day, trading around 186.00 during the Asian hours on Friday. The technical analysis of a daily chart indicates that the spot is moving higher within the ascending channel pattern, signaling a persistent bullish bias.
The EUR/JPY exchange rate is expected to rise to near 186.00 as a bullish bias prevails, according to FXStreet's technical analysis. The currency pair is currently moving within an ascending channel pattern, with both the nine-period and 50-period Exponential Moving Averages (EMAs) supporting the bullish sentiment. The 14-day Relative Strength Index (RSI) is around 60.85, indicating constructive upside momentum without being overbought.
The primary resistance is at the upper boundary of the ascending channel around 187.00, while support can be found around the nine-day EMA at 184.79, the 50-day EMA at 184.64, and the lower boundary of the ascending channel at 184.70. A break below this support zone could reignite the bearish bias and push the currency pair towards its nine-month low of 179.37.
Brief written by urgent.news from FXStreet's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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