EUR/JPY Price Forecast: Rises to near 185.00 after breaking above 50-day EMA

EUR/JPY extends its winning streak for the fourth consecutive day, trading around 184.80 during Asian hours on Tuesday. The technical analysis indicates that the spot is within a rising wedge, signaling a potential bearish reversal. The near-term bias remains constructive as EUR/JPY holds above both the 50-period and nine-period Exponential Moving Averages (EMAs), with price clustering just over these EMAs.

The 14-day Relative Strength Index (RSI) is in neutral territory, hinting at steady upside momentum. A decisive break below the rising wedge support zone could revive the bearish bias and push EUR/JPY toward its eight-month low of 179.37. Conversely, a sustained break above the wedge could signal a broader bullish resurgence, potentially testing the all-time peak of 187.95.

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