The EUR/JPY currency pair remained subdued for the second consecutive day, trading around 187.10 during Asian hours on Wednesday, yet maintaining a bullish bias according to technical analysis of the daily chart [1]. The pair continues to trade within an ascending channel, with the nine-day Exponential Moving Average (EMA) positioned above the 50-day EMA, reinforcing the near-term bullish outlook [1]. The 14-day Relative Strength Index (RSI) is near 63, indicating that buyers retain control despite the recent pause just below the pair's recent highs [1].
Looking ahead, EUR/JPY may appreciate toward its all-time high of 187.95, which was last recorded on April 17. Should the bullish momentum persist, the pair could explore the upper boundary of the ascending channel around 188.90 [1]. On the downside, primary support is seen at the nine-day EMA of 186.83, followed by the lower boundary of the ascending channel at 186.50. A sustained break below this channel would expose the 50-day EMA at 184.73 [1].
In the broader context of currency movements, the Euro showed a marginal decline of 0.03% against the Japanese Yen on the day, according to a table of percentage changes among major currencies [1]. The Euro was noted as the weakest against the New Zealand Dollar [1].
No explicit market reactions or analyst opinions were provided in the source, and there were no references to specific ticker symbols [1].
CONCLUSION
EUR/JPY remains technically bullish, consolidating above key moving averages and with buyers in control, as it eyes a potential retest of its all-time high. Downside risks are defined by support levels at the nine-day EMA and the lower channel boundary. The overall market impact is medium, with the Euro showing slight weakness against the Yen and other majors.