EUR/JPY Holds Bullish Structure Near Channel Support

Key Moments

EUR/JPY Technical Overview

EUR/JPY traded close to 185.80 during Asian hours on Friday, consolidating after modest gains in the prior session. On the daily chart, the pair continued to move within an ascending channel, pointing to a sustained bullish technical posture.

The cross preserved its upward bias by holding above both the nine-period and 50-period Exponential Moving Averages (EMAs). The shorter EMA remained above the longer EMA, reinforcing a constructive trend configuration. At the same time, the 14-day Relative Strength Index (RSI) hovered near 59, remaining in bullish territory without entering overbought conditions, which signaled that buying interest could continue while these supports remain intact.

Upside Levels in Focus

From a resistance perspective, EUR/JPY had scope to retest the zone around the all-time high at 187.95, which was reached on April 17. If buying pressure were to persist beyond that area, attention would likely shift toward the upper boundary of the ascending channel, situated near 188.80.

Key Support Markers and Risk of Reversal

On the downside, the pair was probing immediate support at the lower edge of the ascending channel around 185.70. Additional technical cushions were seen at the nine-day EMA at 185.39 and the 50-day EMA at 184.81, forming a confluence of support.

A decisive move below this cluster of levels could signal a bearish reversal and open the door to a deeper decline. In that scenario, price action might gravitate toward the nine-month low at 179.37, which was registered on August 3.