EUR/JPY Extends Gains, Tests Nine-Day EMA Above 185.00
EUR/JPY continues its upward trend for the third consecutive day, trading near 185.20 during Asian hours. The pair shows a mild bullish bias, holding above the 50-day EMA but facing resistance at the nine-day EMA.
EUR/JPY has extended its gains for the third straight trading session, currently hovering around 185.20 in Asian trade on Monday. The cross rebounded above the 185.00 level and is now testing the nine-day exponential moving average (EMA) as immediate resistance.
Despite the recent bounce, the pair maintains a modest bullish bias as it trades above the 50-day EMA. However, the nine-day EMA continues to act as a cap, limiting further upside momentum in the near term. Traders are watching for a decisive break above this barrier for confirmation of a stronger recovery.
The price action suggests a tug-of-war between short-term bearish pressure from the nine-day EMA and medium-term support from the 50-day EMA. A close above the nine-day EMA could open the door toward the next resistance zone, while a rejection may lead to a retest of the 185.00 support.
Source: FXStreet Forex News