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- EUR/JPY could find primary resistance around the rising wedge top at 186.90.
- The 14-day Relative Strength Index of 57.46 indicates moderate bullish momentum.
- The primary support lies at the nine-day EMA of 186.01.
EUR/JPY holds ground after two days of losses, trading around 186.20 during the Asian hours on Tuesday. The currency cross is holding a bullish near-term bias as it trades above both the nine-period and 50-period Exponential Moving Averages (EMAs), keeping the broader uptrend supported.
The 14-day Relative Strength Index (RSI) at 57.46 leans to the bullish side without yet signaling overbought conditions, suggesting buyers still retain control while upside momentum remains moderate. However, the daily chart technical analysis shows that the EUR/JPY cross is remaining within a rising wedge, indicating a strong bearish reversal risk.
The EUR/JPY cross could rise toward the upper boundary of the rising wedge around 186.90. Further advances could support the currency cross to target the all-time high of 187.95, which was recorded on April 17.
On the downside, the initial support lies at the nine-day EMA of 186.01, followed by the lower boundary of the rising wedge around 185.50 and the 50-day EMA at 185.33. A break below this confluence support zone could cause a bearish emergence and put downward pressure on the EUR/JPY cross to navigate the region around the five-month low of 181.87, recorded on March 16, and the seven-month low of 180.81.
