EUR/JPY edged lower after two days of gains, trading around 185.00 during European hours on Wednesday [1]. Technical analysis indicates the currency pair is moving upwards within an ascending channel pattern, suggesting a bullish bias [1]. The near-term outlook remains mildly bullish as EUR/JPY stays comfortably above the 50-day Exponential Moving Average (EMA), and the nine-day EMA is above the medium-term average, reinforcing a short-term uptrend within a broader advance [1]. Momentum indicators support this tone, with the Relative Strength Index (RSI) at approximately 59, holding above the 50 line and confirming persistent buying pressure rather than overbought conditions [1].
The EUR/JPY cross may retest immediate resistance at the upper ascending channel boundary around 185.70. A further advance above this channel would reinforce the bullish bias and could lead EUR/JPY to explore the region around its all-time high of 186.88, reached on January 23 [1]. On the downside, initial support is at the nine-day EMA of 184.33. A break below this level would weaken the bullish bias and could prompt a test of the 50-day EMA at 183.58, followed by the lower boundary of the ascending channel around 183.00 [1].
The Euro's performance against major currencies today shows it was the weakest against the New Zealand Dollar, with a percentage change of -0.78% [1]. Against the Japanese Yen, the Euro moved -0.04% [1]. The heat map provides a detailed breakdown of percentage changes between major currencies, highlighting the Euro's relative weakness in today's trading session [1].
No forward-looking statements or analyst opinions beyond technical analysis were provided in the source article [1].
CONCLUSION
EUR/JPY is trading near 185.00, maintaining a mildly bullish bias supported by technical indicators and momentum. The pair faces immediate resistance at 185.70, with potential to retest its all-time high if bullish momentum continues. The Euro showed relative weakness against major currencies today, particularly the New Zealand Dollar, suggesting cautious optimism for EUR/JPY in the near term.