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EUR/JPY holds above key EMAs as analysts target 187.95
The pair is near 185.60, with support clustered around the nine-day EMA at 185.19 and the 50-day EMA at 184.72.
EUR/JPY was trading around 185.60 during the European session on Wednesday after modest gains, according to an FXStreet technical setup. The analysis says the cross remains in an ascending channel and is holding above both the nine- and 50-period exponential moving averages, a structure the outlet frames as supportive for continued upside.
The forecast points to the potential for EUR/JPY to rise toward its all-time high of 187.95 set on April 17, followed by the ascending channel's upper boundary near 188.20. The 14-day RSI reading of 57.38 is described as positive but not overbought, implying momentum that is constructive but not stretched.
On the downside, FXStreet highlights a confluence support area near the lower boundary of the ascending channel, aligned with the nine-day EMA at 185.19 and the 50-day EMA at 184.72. It warns that a break below that zone could trigger a bearish reversal, potentially driving the pair toward its nine-month low of 179.37 recorded on August 3.