EUR/JPY Price Forecast: Falls to near 183.00 near symmetrical triangle bottom
EUR/JPY extends its losses for the second successive day, trading around 183.00 during the Asian hours on Thursday. Technical analysis of the daily chart indicates the currency cross remains within a symmetrical triangle, signalling a consolidation phase.
The EUR/JPY currency pair is experiencing a bearish trend, trading near 183.00 during Asian trading hours on Thursday. Technical analysis suggests the pair is in a consolidation phase, located within a symmetrical triangle. However, the EUR/JPY remains bearish in the short term, as it is trading below both the nine-period and 50-period Exponential Moving Averages (EMAs).
The 14-day Relative Strength Index (RSI) indicates that downside momentum is slowing, rather than reversing. The pair tests support at the lower boundary of the triangle, around 182.90, with a break below signaling increased bearish sentiment and a potential drop to the nine-month low of 179.37. Conversely, the pair could target the nine-day EMA of 184.72, aligned with the 50-day EMA of 184.76, if it breaks above the triangle.
Further resistance lies at the upper boundary of the triangle, around 185.80. A break above could potentially propel the currency pair to its all-time high of 187.95, previously reached on April 17.
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