EUR/JPY Maintains Stance Above 185.50 as Ascending Channel Points Toward All-Time Highs The EUR/JPY currency cross consolidates above 185.50 within a daily ascending channel. Moving averages and RSI momentum indicate potential continuation toward the record 187.95 level. The EUR/JPY currency cross continues to demonstrate underlying strength, consolidating above the critical 185.50 mark during Asian trading hours on Thursday. Spot prices traded in the vicinity of 185.70 to 185.74, recovering ground after experiencing brief, limited losses in the prior session. Technical analysis on the daily timeframe confirms that the cross remains comfortably embedded within an ascending channel structure, underscoring an intact bullish bias. With prices hovering above key exponential moving averages, dip-buyers appear positioned to defend immediate support zones while testing broader resistance levels. Technical Indicators and Moving Average Confluence A granular look at the daily chart reveals that the EUR/JPY pair holds firmly above its 9-period Exponential Moving Average (EMA) at 185.30 and the 50-period EMA at 184.77. Further down, the 200-period EMA rests at 182.90, maintaining a established golden cross formation where the 50-period EMA trades above the 200-period EMA, validating the macro uptrend. The 14-day Relative Strength Index (RSI) stands at 58.39 to 60, reflecting robust upward momentum without entering overbought territory. This technical posture indicates ample room for potential upside expansion before momentum encounters exhaustion. Complementing the RSI, the Moving Average Convergence Divergence (MACD) indicator displays a bullish readout at 0.28 against a signal line of -0.00, accompanied by a positive histogram of 0.29. Bollinger Bands show the upper and lower envelopes expanding between 181.07 and 186.81, with the 20-period midline anchored at 183.94. The Average Directional Index (ADX) sits at 19, suggesting that while the trend remains positive, directional momentum is accumulating steadily rather than overheating. Crucial Upside Targets and Downside Support Boundaries Should buyers maintain control, the immediate upside target for EUR/JPY lies near the all-time high of 187.95 recorded on April 17. Beyond that historical threshold, the upper boundary of the daily ascending channel around 188.50 stands as the secondary resistance target. Intraday pivot calculations highlight immediate resistance levels at R1 185.85 and R2 185.97, with the central pivot established at 185.66. On the downside, initial technical protection is located along the ascending channel's lower boundary at 185.60, backed closely by intraday support levels at S1 185.54 and S2 185.35. A deeper pullback brings the 9-day EMA at 185.30 and the 50-day EMA at 184.77 into focus, forming a strong confluence zone. With the Average True Range (ATR) measuring 0.96, market participants note sufficient volatility buffer around these handles. A decisive breakdown below this confluence support area could void the bullish setup, exposing the pair to a potential retracement toward its nine-month trough of 179.37 registered on August 3. Cross-Currency Dynamics and Global FX Movements Across the broader foreign exchange landscape, the Euro demonstrated notable resilience, emerging as the strongest performer against the British Pound in daily cross-currency comparisons. Conversely, the GBP/USD pair resumed its downward trajectory, undoing Tuesday's recovery effort and dropping below 1.3600 on Wednesday. This retreat in Cable stemmed from broad-based US Dollar strength as traders weighed economic data against geopolitical developments. EUR/USD also encountered selling pressure, pulling back toward the mid-1.1600 range ahead of the Asian session opening. Solid gains in the Greenback, driven by persistent inflation concerns and caution ahead of central bank events, capped Euro gains against the buck. Market participants now turn their focus to the European Central Bank's upcoming publication of its meeting accounts on Thursday. Central Bank Signals, US Inflation, and Macro Environment Macroeconomic sentiment remains heavily influenced by expectations surrounding the Federal Reserve. Fed Chair Kevin Warsh is scheduled to deliver his inaugural Jackson Hole speech on Friday, with market observers watching for guidance regarding interest rate trajectories beyond the September policy gathering. Data released on Wednesday showed the US July Personal Consumption Expenditures (PCE) Price Index rising faster than expected, signaling that inflation pressure remains sticky. In Asian currency markets, the South Korean Won posted gains against the Greenback, causing USD/KRW to slip 0.3% toward 1,380 during Thursday's trading session. The pair retested its 11-month low as sequential interest rate increases by the Bank of Korea provided underlying support to the domestic currency. Cryptocurrency Markets and Asset Class Performance Risk appetite in alternative asset markets remained firm alongside forex movements. Bitcoin (BTC) maintained its position above $78,000 on Thursday, displaying steady institutional interest despite elevated US inflation figures. Within the altcoin space, SPX6900 (SPX) and VeChain (VET) led short-term market advances, registering double-digit percentage gains over the preceding 24 hours. What this means for you The technical positioning of EUR/JPY above 185.50 alongside broader forex volatility carries direct implications for currency traders, multinational businesses, and cross-border investors. • Across India: Domestic retail forex traders and import-export businesses dealing with Euro-denominated contracts need to adjust hedging positions. Shifts in European currency strength influence landed import costs for Indian firms. • For Forex Traders: Technical support near 185.60 and 185.30 offers risk-defined entry points for long strategies, while 187.95 represents a critical resistance target for taking profits. • For Global Investors: Sticky US inflation readings and central bank commentary increase volatility across major currency pairs, highlighting the need for strict risk management. • For Crypto Investors: Bitcoin sustaining levels above $78,000 underlines resilient risk appetite across financial markets, providing support for broader asset classes. Questions & Answers 1. What are the key support levels for EUR/JPY? Immediate support lies at the lower ascending channel boundary of 185.60, followed by the 9-day EMA at 185.30 and the 50-day EMA at 184.77. 2. What is the primary upside target for EUR/JPY? The primary upside target is the all-time high of 187.95 set on April 17, followed by the upper channel boundary near 188.50. 3. Where is Bitcoin currently trading? Bitcoin (BTC) continues to trade above the $78,000 mark amidst a constructive broader market environment. 4. Who is delivering the speech at the Jackson Hole Symposium? Federal Reserve Chair Kevin Warsh is scheduled to deliver his first Jackson Hole speech on Friday. https://trendkia.com/en/market/eur-jpy-jodi-185-50-ke-upar-mazboot-187-95-ke-record-star-ki-or-badhne-ke-sanket-22893 TrendKia — Har trend, sabse pehle.