EUR/JPY Rebounds After Defending Channel Support

The EUR/JPY currency pair has rebounded after defending its ascending channel support at around 184.50, according to recent market data.

The pair's recovery comes as buyers step in to defend the technical support level, with momentum shifting back in favor of the bulls.

Technical indicators are also turning supportive, with the Relative Strength Index (RSI) bouncing from oversold territory and the Moving Average Convergence Divergence (MACD) showing early signs of a bullish crossover.

The rebound reflects a combination of factors, including stronger-than-expected economic data from the Eurozone and the Bank of Japan's continued ultra-loose monetary policy stance, which is keeping the yen weak.