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Forex

EUR/JPY Holds Gains Within Rising Wedge Formation

Guavy AI Editorial Team
Instruments
EUR JPY
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The EUR/JPY currency pair is holding its gains around 186.50 within a rising wedge formation, indicating a strong bullish trend. The Relative Strength Index (RSI) near 60 suggests firm upside momentum without entering overbought territory.

The primary support lies at the nine-day Exponential Moving Average (EMA) of 186.04. However, the EUR/JPY cross is rising within a rising wedge, indicating a strong bearish reversal risk.

If the currency pair reaches the upper boundary of the rising wedge around 186.90, it could face initial resistance and potentially explore the region around its all-time high of 187.95 recorded on April 17.

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