EUR/JPY Price Forecast: Eyes 184.00 barrier after breaking above moving averages

EUR/JPY gains ground for the second successive session, trading around 183.70 during the Asian hours on Wednesday. The technical analysis of the daily chart shows the 14-day Relative Strength Index (RSI) at 54 stays above its midline and turns higher, indicating modest bullish pressure while leaving room for further gains if buyers regain control.

The EUR/JPY cross holds a neutral-to-bullish tone as price consolidates above the 50-day Exponential Moving Average (EMA), keeping the broader uptrend structure intact despite recent pullbacks from the 186.00 region. The nine-day EMA has flattened just below spot, reflecting loss of immediate upside momentum rather than a clear bearish reversal.

On the upside, initial resistance lies at the psychological level of 184.00. Further advances would support the EUR/JPY cross to approach the 186.88, capping the recent advance and defining the barrier that bulls must clear to restore a stronger uptrend. A daily close above 186.88 would open the way toward a retest of prior highs.

Immediate support emerges at the nine-day EMA at 182.94, which protects the sequence of higher daily lows and aligns with the underlying 50-day EMA at 182.85 backdrop. Further declines below the averages would weaken the momentum and expose a two-month low at 180.81, recorded on February 12, with deeper support seen at a four-month low at 175.70.

(The technical analysis of this story was written with the help of an AI tool.)