EUR/JPY Price Forecast: Tests nine-day EMA confluence support near 185.00

EUR/JPY depreciates after registering modest gains, trading around 185.60 during the European hours on Wednesday. The technical analysis of a daily chart indicates that the currency cross is remaining within the ascending channel pattern, signaling an ongoing bullish bias.

The EUR/JPY cross is keeping a constructive bullish tone as it holds above both the nine- and 50-period Exponential Moving Averages (EMAs). The currency cross is advancing away from its mid-180s base while short-term averages stay stacked above the longer one, which hints at persistent upward pressure.

The 14-day Relative Strength Index (RSI) at 57.38 sits in positive territory but shy of overbought conditions, suggesting room for additional gains while upside momentum remains moderate rather than stretched. The EUR/JPY cross may rise toward the all-time high of 187.95 set on April 17, followed by the upper boundary of the ascending channel around 188.20.

On the downside, the EUR/JPY cross tests the immediate support around the lower boundary of the ascending channel, aligned with the nine-day EMA at 185.19 and the 50-day EMA at 184.72. A break below this confluence support zone may cause the bearish reversal, potentially pressing the currency cross down toward its nine-month low of 179.37, recorded on August 3.