EUR/JPY Price Forecast: Remains below nine-day EMA near 185.50
EUR/JPY extends its losses for the second successive day, trading around 185.20 during European hours on Monday. The technical analysis of a daily chart indicates that the currency cross is remaining within the ascending channel pattern, signaling a bullish bias.
The EUR/JPY currency cross is currently trading near 185.50, below its nine-day Exponential Moving Average (EMA) of 185.30. Technical analysis indicates a mildly bullish near-term bias as the pair remains within an ascending channel pattern, with the 50-day EMA at 184.81 providing additional support. The 14-day Relative Strength Index (RSI) at 53.17 suggests a constructive upside without being overbought.
The EUR/JPY could potentially test the nine-day EMA barrier at 185.30, with a rebound above this level strengthening the bullish bias and pushing the currency cross towards the all-time high of 187.95. Conversely, a break below the confluence support zone at 185.10 and the 50-day EMA could signal a bearish reversal, leading the pair toward its nine-month low of 179.37.
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