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

• EUR/JPY may find initial resistance at the record high of 177.94.
• The short-term momentum remains stronger as the currency cross is positioned above the nine-day EMA.
• The primary support lies at the psychological level of 176.00.

EUR/JPY dips slightly after posting strong gains in the previous session, trading around 176.10 during the European hours on Wednesday. The technical analysis of the daily chart indicates a prevailing bullish bias as the currency cross remains within the ascending channel pattern.

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

On the upside, the EUR/JPY cross may target the all-time high of 177.94, which was recorded on October 9. A break above this level would open the door for the currency cross to explore the region around the upper boundary of the ascending channel around 181.70.

The EUR/JPY cross may find its immediate support at the psychological level of 176.00, followed by the nine-day EMA of 175.86 and the ascending channel's lower boundary around 175.50. A break below this confluence support zone would weaken the short-term price momentum and put downward pressure on the currency cross to navigate the region around the 50-day EMA at 173.99.

Further declines would dampen the medium-term price momentum and prompt the EUR/JPY cross to test the six-week low of 172.14, which was recorded on September 9.

EUR/JPY: Daily Chart