EUR/JPY Holds Ground Above Moving Averages Amid Rising Wedge Warning

The EUR/JPY currency cross is holding its ground after two days of losses, trading around 186.20 during Asian hours on Tuesday. It's maintaining a bullish near-term bias as it stays above both the nine-period and 50-period Exponential Moving Averages (EMAs), supporting the broader uptrend.

The 14-day Relative Strength Index (RSI) at 57.46 leans towards the bullish side without indicating overbought conditions, suggesting buyers retain control with moderate upside momentum.

However, daily chart technical analysis shows that the EUR/JPY cross is within a rising wedge, indicating a strong bearish reversal risk.

If it rises toward the upper boundary of this wedge around 186.90, further advances could support the currency to target its all-time high of 187.95 recorded on April 17.