The currency pair extends gains above 185.80, supported by technical indicators signaling sustained upward momentum.
EUR/JPY rose to around 185.80 in Asian trading on Tuesday, extending a two-day rebound as technical indicators reinforced a bullish outlook. The cross remains within an ascending channel, holding above both the nine-day and 50-day Exponential Moving Averages (EMAs).
The 14-day Relative Strength Index (RSI) stands at 59.45, indicating firm but controlled upside momentum. Analysts see potential for further gains toward the channel’s upper boundary near 187.70, with the April 17 all-time high of 187.95 as the next target. Support levels are eyed at 185.50, 185.07, and 184.70.
Market focus has shifted from intervention concerns to fundamentals ahead of the Bank of Japan’s September 18 meeting, according to strategists.