The currency pair climbs above key moving averages, signaling sustained bullish momentum with potential to test April highs.
EUR/JPY rose for a fourth consecutive session, trading near 185.30 in Asian hours Thursday. The cross remains above its nine-day and 50-day EMAs, reinforcing a constructive bias after a recent pullback. Technical indicators show the pair moving within an ascending channel, with the 14-day RSI at 52, indicating neutral-to-positive momentum without overbought conditions.
The pair’s short-term EMA hovers above the medium-term line, suggesting the broader uptrend remains intact. Analysts see potential for further gains toward the ascending channel’s upper boundary at 187.80, followed by the April 17 all-time high of 187.95. Downside support is pegged at the nine-day EMA of 185.24 and the 50-day EMA at 185.07.
A break below these levels could trigger a bearish shift, targeting the lower channel boundary near 184.50. Further declines may expose the March 16 low of 181.87 and the February 12 six-month low of 180.81.