EUR/JPY Holds Ground Above Nine-Day EMA Amid Rising Wedge Concerns

The EUR/JPY currency cross continues to hold its ground above the nine-day Exponential Moving Average (EMA) at 186.01, maintaining a bullish near-term bias.

As of Tuesday during Asian hours, the pair traded around 186.20, after two days of losses.

The 14-day Relative Strength Index (RSI) indicates moderate bullish momentum, with a reading of 57.46, but also shows that buyers still retain control while upside momentum remains moderate.

The EUR/JPY cross is trading within a rising wedge on the daily chart, which suggests a strong bearish reversal risk, and could find primary resistance around the rising wedge top at 186.90.