EUR/JPY Gains momentum to near 183.00 as uptrend persists above 100-day EMA

• EUR/JPY gains ground to near 182.95 in Friday’s early European session. 
• The broader uptrend for the cross remains intact, with the price holding above the 100-day EMA. 
• The first upside barrier emerges at 184.74; the initial support level is seen at 182.11. 

The EUR/JPY cross trades in positive territory around 182.95 during the early European session on Friday. Uncertainty surrounding the Bank of Japan (BoJ) interest rate path could weigh on the Japanese Yen (JPY) against the Euro (EUR). 

BoJ Governor Kazuo Ueda warned that the Middle East conflict could materially affect Japan’s economy, signaling that the central bank may keep interest rates on hold for an extended period. Meanwhile, BoJ board member Ryozo Himino said the central bank would still make necessary policy adjustments amid market volatility, indicating that rates could move toward neutral if underlying inflation accelerates toward the target.

On the other hand, escalating conflict in the Middle East could boost safe-haven currencies such as the JPY and act as a headwind for the cross. US President Donald Trump said that Iranian officials reached out to him in an attempt to reach an agreement to end the war, but he insisted it was too late and that the US is pushing to completely destroy Iran. 

European Central Bank (ECB) President Christine Lagarde is set to speak later on Friday. Also, the final reading of the Eurozone Gross Domestic Product (GDP) for the fourth quarter (Q4) will be published. 

Technical Analysis:

In the daily chart, the near-term bias of EUR/JPY turns cautiously bullish as spot holds well above the 100-day exponential moving average. The cross preserves the broader uptrend despite recent consolidation below the Bollinger upper band around 185.30. Price action has pulled back from the band’s ceiling, but it continues to respect the rising middle band in the 183.30 area as dynamic resistance turned sideways. The RSI at 47.35 remains below the 50 midline, signaling only modest upside momentum, yet the absence of oversold conditions keeps the door open for renewed buying interest while the medium-term structure stays intact.

Initial resistance emerges at the February 26 high of 184.74, ahead of the Bollinger upper band at 185.30, where a daily close above would confirm a continuation toward the 186.30 region. On the downside, immediate support is seen at the March 5 low of 182.11. Below there, the 100-day EMA around 181.30 is a key structural floor that would need to hold to prevent a deeper retracement toward 180.70. As long as price trades above this EMA cluster, pullbacks are treated as corrective within a still-positive daily profile.