Forex
EUR/JPY Holds Ground Above Key MAs Amid Rising Wedge Risks
The EUR/JPY currency cross is maintaining its 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 daily chart technical analysis shows that the EUR/JPY cross is remaining within a rising wedge, indicating a strong bearish reversal risk. The primary resistance lies at the rising wedge top at 186.90.
On the other hand, 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.