EUR/JPY Price Forecast: Rises to near 185.00 after breaking above 50-day EMA
EUR/JPY extends its winning streak for the fourth successive day, trading around 184.80 during the Asian hours on Tuesday.
EUR/JPY continues its winning streak, trading near 184.80 during Asian hours on Tuesday. Technical analysis shows the pair remains within a rising wedge, indicating a potential bearish reversal. The EUR/JPY cross is above both the 50-period and nine-period EMA, suggesting a constructive near-term bias. The 14-day RSI at 52.89 indicates steady upside momentum.
The EUR/JPY pair is slightly above the 50-day EMA at 184.52, with the rising wedge support around 184.60 and the nine-day EMA at 184.03. A break below this support could revive the bearish bias and push the currency pair toward its eight-month low of 179.37. The primary resistance lies at the upper boundary of the rising wedge around 186.10.
A break above this level could signal a bullish resurgence, bringing the currency pair back to its all-time high of 187.95, set on April 17.
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