EUR/JPY Price Forecast: Holds losses near 176.00 near nine-day EMA support

• EUR/JPY may target the initial barrier at the all-time high of 177.94.
• The 14-day Relative Strength Index remains above the 50 level, strengthening the bullish bias.
• The primary support lies at the nine-day EMA of 175.87.

EUR/JPY depreciates after registering little gains in the previous session, hovering around 176.00 during the European trading hours on Wednesday. The technical analysis of the daily chart indicates a bullish revival as the currency cross remains within the ascending channel pattern.

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

On the upside, the EUR/JPY cross may explore the region around the record high of 177.94, which was recorded on October 9. A break above this level would support the bullish bias and lead the currency cross to test the upper boundary of the ascending channel around 180.60.

The EUR/JPY cross is testing its immediate support at the nine-day EMA of 175.87, aligned with the ascending channel's lower boundary around 175.80. A break below this confluence support zone would weaken the bullish bias and put downward pressure on the currency cross to navigate the area around the 50-day EMA at 173.59, followed by the six-week low of 172.14, which was recorded on September 9.

EUR/JPY: Daily Chart