EUR/JPY Price Forecast: Tests nine-day EMA confluence support near 185.00
EUR/JPY depreciates after registering modest gains, trading around 185.60 during the European hours on Wednesday. The technical analysis of a daily chart indicates that the currency cross is remaining within the ascending channel pattern, signaling an ongoing bullish bias.
The EUR/JPY currency cross is facing a test of the nine-day Exponential Moving Average (EMA) confluence support near 185.00. Technical analysis indicates that the EUR/JPY remains within an ascending channel pattern, suggesting a bullish bias. Both the nine- and 50-period EMAs are above the current price, indicating persistent upward pressure.
The 14-day Relative Strength Index (RSI) is at 57.38, indicating moderate momentum rather than overbought conditions. The currency pair may rise towards the all-time high of 187.95 or the upper boundary of the ascending channel at 188.20. However, a break below the confluence support zone could trigger a bearish reversal, potentially taking the EUR/JPY down to its nine-month low of 179.37.
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