EUR/JPY Retreats Near 172.00 After Breaching Nine-Day EMA, Bullish Trend Holds

EUR/JPY Dips to 171.90 After EMA Break, But Bullish Channel Holds

EUR/JPY pulled back in Thursday's Asian session, currently trading around 171.90, breaking its five-day winning streak. The pair slipped below the nine-day Exponential Moving Average (EMA), hinting at short-term weakness, but the broader bullish trend remains in place.

EMA Breach But RSI Remains Bullish

The immediate focus is on the nine-day EMA, now acting as resistance near 172.15. Despite the dip, the 14-day Relative Strength Index (RSI) continues to hold above 50, reinforcing the bullish market bias. The broader price structure still respects the rising channel, keeping upside potential alive.

Key Resistance and Support Levels

• Resistance Levels:
  • 172.15 – Nine-day EMA
  • 173.25 – Recent yearly high (July 16)
  • 176.10 – Upper boundary of rising channel
• Support Levels:
  • 170.50 – Lower channel boundary
  • 169.75 – Short-term psychological support

A break above 172.15 could signal a retest of 173.25, with further bullish extension toward 176.10 if momentum builds. On the downside, a fall below 170.50 could challenge the channel’s integrity.

Related Analysis on Tredu

• Live EUR/JPY Chart & Trend Tools
• How to Trade with EMA & RSI Indicators
• JPY Technical Weekly Outlook