EUR/JPY Price Forecast: Rises above 173.00 due to prevailing bearish bias

• EUR/JPY may find its primary barrier at 173.90, the highest since July 2024.
• Bullish bias strengthens as the 14-day Relative Strength Index remains above the 50 mark.
• The initial support lies at nine-day EMA of 172.31.

EUR/JPY continues its winning streak for the fifth successive session, trading around 173.20 during the European hours on Wednesday. The technical analysis of the daily chart suggests the prevailing bullish market bias as the currency cross is remaining within the ascending channel pattern.

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

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

The EUR/JPY cross may find its primary support at the nine-day EMA of 172.31. A break below this level could weaken the short-term price momentum and prompt the currency cross to test the ascending channel's lower boundary around 171.40, followed by the 50-day EMA of 170.93.

Further declines below the confluence support zone would weaken the medium-term price momentum and put downward pressure on the EUR/JPY cross to navigate the region around the nine-week low at 169.72, which was recorded on July 31.

EUR/JPY: Daily Chart