EUR/JPY Cross Trades Near 180.50 Amid Bearish Pressure
The EUR/JPY currency cross is continuing its upward momentum, trading near 180.50 after breaking above the nine-day Exponential Moving Average (EMA). This technical indicator suggests that the pair is consolidating under medium-term trend resistance.
According to the daily chart, the EUR/JPY is still holding a bearish near-term bias as it remains below the 50-day EMA while clinging just above the nine-day EMA. The Relative Strength Index (RSI) is at 43.32, indicating soft momentum and limiting the scope for an immediate bullish reversal.
On the downside, the EUR/JPY cross may pull back and test the support at the nine-day EMA of 179.83. A break below this level would strengthen the bearish bias and put downward pressure on the currency pair to navigate the region around 177.40, followed by an 11-month low of 175.70 recorded in November.
If the EUR/JPY cross can reclaim the 50-day EMA of 182.65, it could rise further towards the upper boundary of the descending channel at 185.00 and potentially even reach the all-time high of 187.95 set on April 17.