EUR/JPY Price Forecast: Holds gains near 185.50 as bullish bias prevails

• EUR/JPY could target the primary barrier at the six-week high of 186.21.
• The 14-day Relative Strength Index near 52 indicates neutral-to-positive momentum.
• The primary support appears at the nine-day EMA of 185.23.

EUR/JPY appreciates after registering minor losses in the previous day, trading around 185.40 during the Asian hours on Friday. The currency cross is holding a constructive bullish bias as spot remains above both the nine-day and 50-day Exponential Moving Averages (EMAs). The alignment of shorter- and medium-term EMAs below price hints at underlying demand.

Meanwhile, the 14-day Relative Strength Index (RSI) near 52 suggests moderate positive momentum without overbought conditions, allowing room for further upside if buyers retain control. Additionally, the technical analysis of the daily chart suggests the EUR/JPY cross is moving within the ascending channel pattern, suggesting an ongoing bullish bias.

The EUR/JPY cross may find the primary resistance at the six-week high of 186.21, reached on June 5. Further advances would lead the currency cross to approach the upper boundary of the ascending channel around 187.80, followed by the all-time high of 187.95, recorded on April 17.

On the downside, the EUR/JPY cross faces immediate support at its nine-day EMA of 185.23, closely followed by the 50-day EMA at 185.07. A decisive break below these moving averages would trigger a bearish shift, exposing the lower boundary of the ascending channel near 184.50. Extended downward momentum could push the pair to test its nearly four-month low of 181.87, recorded on March 16, with further declines targeting the six-month low of 180.81, reached on February 12.

(The technical analysis of this story was written with the help of an AI tool.)