EUR/JPY Price Forecast: Remains above 185.50 near moving averages
EUR/JPY gains ground after posting minor losses in the previous day, trading around 185.70 during the Asian hours on Thursday. The technical analysis of a daily chart indicates that the currency cross is remaining within the ascending channel pattern, signaling an ongoing bullish bias.
EUR/JPY maintains an upward trend, trading near 185.50 amid technical indicators favoring a bullish outlook. The pair is currently within an ascending channel pattern, suggesting continued optimism. The nine-and 50-period Exponential Moving Averages (EMAs) both sit above the EUR/JPY cross, reinforcing a positive near-term bias. With the 14-day Relative Strength Index (RSI) at 58.39, momentum remains constructive without crossing into overbought conditions, indicating potential buying opportunities amidst the broader uptrend.
The currency pair could reach the all-time high of 187.95 observed on April 17, followed by the channel's upper boundary around 188.50. Conversely, a dip below the support zone at 185.60, the nine-day EMA at 185.30, and the 50-day EMA at 184.77 could trigger a bearish reversal, possibly driving the pair toward its nine-month low of 179.37, previously recorded on August 3.
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