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EURJPY Analysis: Bulls Gain Momentum, Can the Euro Reclaim Recent Highs?
EURJPY Analysis: Bulls Gain Momentum, Can the Euro Reclaim Recent Highs?
In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of EURJPY for July 23, 2026.
Technical Analysis of EURJPY
EURJPY Daily Chart Insight
(EURJPY Daily Chart, Source: Ultima Markets MT5)
EURJPY is currently showcasing a strong technical recovery after consolidating within a broad range over the past few months. After holding firm above key medium-term support levels, the price has broken back above both the short-term and medium-term moving averages. Patience is required to see if this bullish momentum can challenge the multi-month highs near 187.60–188.00, or if sellers will cap the current rally.
Key Levels:
Support 1 (185.00–185.40): The immediate zone defined by the convergence of the purple short-term moving average (~185.40) and black medium-term moving average (~185.00), acting as a strong dynamic support cluster.
Support 2 (183.50–184.00): The recent consolidation swing lows established from June to early July.
Support 3 (182.20–182.50): Major historical support marked by the green long-term moving average (~182.20).
Resistance 1 (186.50–187.00): The near-term swing high and dynamic horizontal resistance area.
Resistance 2 (187.60–188.00): The major multi-month peak established in mid-April.
Buyers are firmly in control of the short-term momentum on the H2 chart, with all three moving averages (purple short-term, black medium-term, and green long-term) aligned in a classic bullish configuration. However, as the Stochastic oscillator hovers in the overbought region (87/88), a minor consolidation or sideways pause may occur before the next leg up.
Breakout Scenarios:
Bullish continuation is currently the higher-probability outcome, triggered by a decisive break and hold above 186.30/186.50, targeting the 186.75–187.00 resistance area.
Bearish correction is the lower-probability alternative, triggered by a failure to hold current levels and a break below the purple/black MA support zone (~185.70–185.90), which could lead to a deeper correction toward the green MA (~185.40).
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EURJPY Pivot Indicator
(EURJPY 30-Minute Chart, Source: Trading Central)
The 30-minute chart reveals that the price is currently consolidating near 186.11, trading above the crucial pivot level of 185.79. While minor near-term consolidation cannot be ruled out, the overall technical stance remains bullish, supported by a neutral-to-positive RSI (51.39) and a flat but positive MACD.
Bullish Breakout: A continuation of the bullish preference is favored as long as the price holds above the pivot at 185.79. A clean breakout above 186.30 will target first 186.54 and subsequently 186.75. Confirmation comes from the RSI expanding back towards the overbought threshold (70) and MACD lines opening upward.
Bearish Rejection: A bearish rejection or short-term reversal would occur if the price rolls over and breaks decisively below the pivot level at 185.79. This would shift the immediate bias to bearish, targeting downside levels at 185.44 and 185.23, confirmed by the RSI falling below 50 and MACD crossing into negative territory.
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