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EUR/JPY continues to rise sharply, investors are waiting for a breakthrough above the 185.00 level.
The EUR/JPY exchange rate is currently trading around 183.80 during today's European session. The upward momentum of EUR/JPY remains quite clear, but trading volume is expected to weaken towards the end of the session as most exchanges prepare to close for the New Year holiday.
Why is EUR/JPY trending higher?
The main reason lies in the divergence in monetary policy between the two regions. The Bank of Japan (BoJ) recently released minutes from its December meeting, indicating that some members support continued tightening and raising interest rates into 2026. However, the market perceives the BoJ's pace of adjustment as still too slow and cautious, limiting its ability to support the Yen (JPY).
In contrast, the European Central Bank (ECB) kept interest rates unchanged in December and shows no signs of changing in the near future. The market currently prices in less than a 10% probability of a 25 basis point cut by the ECB in February 2026. This divergence in monetary policy conditions favors the continuation of the EUR/JPY upward trend.
What does the technical chart indicate?
On the daily timeframe, EUR/JPY maintains a strong upward trend above the 100-day EMA at 177.80. Each retest of this level is seen as a good buying opportunity, helping to sustain the long-term bullish momentum.
The price is currently near the lower band of the upper Bollinger, with the bands expanding upward, reflecting strong buying pressure. The RSI is at 61.05 and has slightly increased from 60.87, confirming positive momentum that is not yet overbought.
Regarding support and resistance:
If EUR/JPY closes above 185.00, it would open the way for the continuation of the upward trend. Conversely, if it gets rejected at the resistance zone, the market may enter a consolidation phase around the 100-day EMA.
(Technical analysis supported by AI tools)