The EUR/JPY currency pair surged to a new all-time high, trading at 187.83 during Asian hours on Friday, following minor losses in the previous session [1]. Technical analysis indicates that the pair is trending higher within an ascending channel, reflecting a strong and persistent bullish bias [1]. The EUR/JPY cross remains above both the nine-day and 50-day Exponential Moving Averages (EMAs), with the rising EMAs underscoring continued underlying demand for the euro against the yen [1].
Momentum indicators further support the bullish outlook, as the 14-day Relative Strength Index (RSI) is in overbought territory near 71, suggesting strong upside momentum but also the potential for corrective consolidation [1]. Immediate resistance is identified at the psychological level of 188.00, with the next target at the upper boundary of the ascending channel around 188.50 [1]. On the downside, primary support lies at the nine-day EMA of 186.76, with further support at the lower channel boundary near 185.80 and the 50-day EMA at 184.46 [1].
A heat map of major currencies shows that the euro was the strongest against the Japanese yen, with a daily gain of 0.17% for EUR/JPY [1]. This outperformance highlights the euro's relative strength in the current market environment [1].
No explicit forward-looking statements or analyst opinions are provided in the source, but the technical setup suggests that while the bullish trend remains intact, the overbought RSI could lead to short-term consolidation or pullbacks if support levels are breached [1].
CONCLUSION
EUR/JPY reached a record high near 188.00, supported by strong technical momentum and euro outperformance against the yen. The market remains bullish, but overbought conditions may prompt short-term corrections. Investors should monitor key support and resistance levels for potential shifts in trend.