Key Moments
- EUR/JPY traded around 185.40 during Asian hours on Friday after ending a five-day winning streak.
- The pair remained above its nine- and 50-period EMAs, with the 14-day RSI near 53 signaling moderate bullish momentum.
- A move above the descending channel near 185.70 could open the way toward 187.95, while support starts at the nine-day EMA at 185.18.
Technical Setup for EUR/JPY
EUR/JPY paused its five-session advance and was last seen around 185.40 in Asian trading on Friday. Despite the pullback, the cross maintained a constructive short-term tone, as price continued to trade above both the nine-period and 50-period Exponential Moving Averages (EMAs), pointing to ongoing interest in buying on dips.
The 14-day Relative Strength Index (RSI) hovered near 53, indicating that bullish momentum remained in place but was not overextended.
Channel Resistance and Upside Scenarios
On the daily chart, EUR/JPY was positioned close to the upper boundary of a descending channel, located around 185.70. This area represented an important technical barrier and suggested the potential for a bullish reversal if broken decisively.
A sustained move above the channel resistance would offer stronger confirmation of a bullish shift and could encourage buyers to target the region around the all-time high at 187.95, which was registered on April 17.
Support Levels and Downside Risks
On the downside, initial support was identified at the nine-day EMA at 185.18. Below that, the 50-day EMA at 184.94 formed the next layer of support. A clear break under these moving averages would likely restore a bearish tone and increase downside pressure on the cross.
In such a scenario, EUR/JPY could be drawn toward the three-month low at 181.87, which was recorded on March 16, followed by the five-month low at 180.81, reached on February 12.
Euro Performance Against Major Currencies
The following table summarizes the percentage changes of the Euro (EUR) against major peers today. According to the data, the Euro was weakest versus the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.08% | 0.04% | 0.05% | 0.02% | -0.03% | -0.43% | 0.00% | |
| EUR | -0.08% | -0.05% | -0.04% | -0.05% | -0.11% | -0.48% | -0.07% | |
| GBP | -0.04% | 0.05% | 0.00% | -0.02% | -0.07% | -0.44% | -0.03% | |
| JPY | -0.05% | 0.04% | 0.00% | -0.01% | -0.08% | -0.47% | -0.04% | |
| CAD | -0.02% | 0.05% | 0.02% | 0.00% | -0.07% | -0.43% | -0.02% | |
| AUD | 0.03% | 0.11% | 0.07% | 0.08% | 0.07% | -0.37% | 0.04% | |
| NZD | 0.43% | 0.48% | 0.44% | 0.47% | 0.43% | 0.37% | 0.42% | |
| CHF | -0.00% | 0.07% | 0.03% | 0.04% | 0.02% | -0.04% | -0.42% |
The heat map values represent percentage changes where the base currency is taken from the left-hand column and the quote currency from the top row. For instance, selecting the Euro as base on the left and moving horizontally to the US Dollar column yields the percentage change for EUR (base)/USD (quote).
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
