EUR/JPY Price Forecast: Hovers around 172.00, support appears at nine-day EMA

• EUR/JPY may explore on the upside around 173.90, the highest since July 2024.
• The 14-day RSI is positioned above 50, indicating a potential for a bullish bias.
• The initial support appears at the nine-day EMA of 171.52.

EUR/JPY holds ground after registering gains in the previous two consecutive sessions, trading around 171.90 during the European hours on Wednesday. The technical analysis of the daily chart suggests the ongoing neutral market bias as the currency cross remains within the rectangular pattern.

The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, suggesting that the bullish bias may prevail. Additionally, the short-term price momentum is stronger as the EUR/JPY cross has moved above the nine-day Exponential Moving Average (EMA).

On the upside, the EUR/JPY cross may explore the region around 173.90, the highest since July 2024, recorded on July 28, 2025, aligned with the upper boundary of the rectangle around the psychological level of 174.00.

The EUR/JPY cross may find primary support at the nine-day EMA of 171.52. A break below this level would weaken the short-term price momentum and put downward pressure on the currency cross to navigate the region around the five-week low at 169.72, which was recorded on July 31, aligned with the rectangle's lower boundary. Further support appears at the 50-day EMA at 169.54, followed by the two-month low at 168.46, recorded on July 1.

EUR/JPY: Daily Chart