The EUR/JPY currency pair remained steady after minor gains in the previous session, trading around 185.80 during Asian hours on Friday [1]. Technical analysis indicates that EUR/JPY is maintaining its position within an ascending channel pattern, reflecting a continued bullish bias [1]. The pair is trading above both the nine-period and 50-period Exponential Moving Averages (EMAs), with the short-term EMA above the longer-term EMA, further supporting the positive trend structure [1]. The 14-day Relative Strength Index (RSI) is near 59, which is in bullish territory but not yet overbought, suggesting that upward momentum could persist as long as these supports hold [1].
Looking ahead, EUR/JPY may target the region around its all-time high of 187.95, set on April 17, and potentially the upper boundary of the ascending channel near 188.80 [1]. On the downside, immediate support is seen at the lower boundary of the ascending channel at 185.70, followed by the nine-day EMA at 185.39 and the 50-day EMA at 184.81 [1]. A break below this confluence support zone could trigger a bearish reversal, with the possibility of the pair declining toward its nine-month low of 179.37, recorded on August 3 [1].
In terms of broader currency performance, the Euro was the strongest against the Swiss Franc among major currencies, while it showed a -0.13% change against the Japanese Yen on the day [1]. No specific market reactions or analyst opinions were provided in the article [1].
CONCLUSION
EUR/JPY is demonstrating resilience above key technical support levels, maintaining a bullish structure with potential to retest its all-time high. However, a break below the current support zone could shift momentum to the downside. Market participants are likely to monitor these levels closely for signs of further direction.