The EUR/JPY currency pair halted its three-day winning streak, edging lower after reaching all-time highs and trading around 187.40 during European hours on Tuesday [1]. Technical analysis indicates that EUR/JPY remains in a strong uptrend, trading within an ascending channel and maintaining a bullish near-term bias as it stays above both the nine-day and 50-day Exponential Moving Averages (EMAs) [1]. The short-term EMA's position above the long-term EMA further underscores persistent upward pressure on the pair [1].
The Relative Strength Index (RSI) stands at 70.10, signaling overbought conditions and suggesting that while upside momentum is robust, the pair may be vulnerable to a corrective pause [1]. Immediate resistance is identified at the all-time high of 187.54, recorded on April 14, with the next target at the upper boundary of the ascending channel around 187.80 [1]. On the downside, primary support is seen at the nine-day EMA of 185.92, with further support at the lower ascending channel boundary near 185.00 and the 50-day EMA at 184.07 [1].
In broader currency markets, the Euro showed mixed performance against major currencies, being the weakest against the New Zealand Dollar [1]. The EUR/JPY cross itself was unchanged on the day (0.00%), reflecting a pause after recent gains [1].
No explicit analyst opinions or forward-looking statements were provided beyond the technical outlook, which suggests continued bullish bias but warns of potential corrective moves due to overbought conditions [1].
CONCLUSION
EUR/JPY remains in a strong uptrend after reaching fresh record highs near 187.50, though technical indicators point to possible short-term consolidation. The market impact is high given the record levels, but immediate price action suggests a pause as the pair digests recent gains.