EUR/JPY rebounded after minor losses in the previous day, trading around 185.30 during European hours on Thursday, April 9, 2024 [1]. Technical analysis on the daily chart indicates the currency pair is trending higher within an ascending channel, signaling a bullish bias [1]. The near-term outlook remains positive as EUR/JPY holds above both the nine-day and 50-period Exponential Moving Averages (EMAs), with the shorter EMA positioned above the longer one, reinforcing the upward trend [1]. The Relative Strength Index (RSI) stands at 61.38, suggesting firm but not overstretched bullish momentum as the pair approaches overhead resistance levels [1].
Immediate resistance is identified near the upper boundary of the ascending channel at 185.70. A breakout above this level would further strengthen the bullish outlook and potentially pave the way toward the all-time high of 186.88, which was recorded on January 23 [1]. On the downside, initial support is seen at the nine-day EMA of 184.52. A move below this could weaken the bullish bias, exposing the 50-day EMA at 183.64 and the channel’s lower boundary around 183.00 [1].
The Euro was the strongest against the Japanese Yen among major currencies today, with a percentage change of 0.06% for EUR/JPY, according to the provided heat map [1]. This relative strength underscores the bullish momentum in the EUR/JPY cross and supports the technical outlook for further gains if resistance levels are breached [1].
No forward-looking statements or analyst opinions beyond technical analysis were provided in the source article [1].
CONCLUSION
EUR/JPY is exhibiting a bullish trend, rebounding above 185.00 and targeting resistance at 185.70, with potential to retest its all-time high if momentum continues. The Euro's relative strength against the Yen today further supports the positive outlook. Market participants should watch for a breakout above resistance or a move below key support levels for confirmation of the next direction.