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22/10/25
49
EUR/JPY Bullish Outlook Suggests Continued Gains Toward Record High
The EUR/JPY currency pair has faced a slight correction after achieving notable gains in the previous trading session. Currently trading around 176.10 during European hours, the pair continues to exhibit a bullish technical outlook. The daily chart indicates that the price remains within an ascending channel, supporting the continued upward momentum.
In the short term, momentum remains strong as the pair trades above the nine-day Exponential Moving Average (EMA) and the 14-day Relative Strength Index (RSI) stays above the midpoint of 50. These indicators reinforce the prevailing positive trend and suggest that further gains could be on the horizon. The immediate resistance level to monitor is around 177.94, the record high established on October 9. A decisive move above this level could pave the way for a potential test of the upper boundary of the ascending channel near 181.70, which may serve as a significant target in the near-term upside.
On the downside, the psychological level of 176.00 serves as an initial support. Beneath this, traders will look for support at the nine-day EMA around 175.86 and the lower boundary of the recent ascending channel around 175.50. A failure to hold above these levels could signal a shift in momentum, with further declines possibly targeting the 50-day EMA at approximately 173.99. A significant breach below this support zone might heighten downside risks, increasing the likelihood of testing recent six-week lows around 172.14, recorded on September 9.
Overall, the technical landscape for EUR/JPY remains tilted towards the bullish side in the short term, but traders should remain attentive to key support zones that could influence future price movement.
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