EUR/JPY Price Forecast: Bullish Bias Amid Rising Wedge Risk

The EUR/JPY currency cross is maintaining its bullish near-term bias after trading around 186.50 during Asian hours on Monday.

This comes as it holds above both the nine-period and 50-period Exponential Moving Averages (EMAs), suggesting a constructive trend backdrop.

The 14-day Relative Strength Index (RSI) near 60 points to firm but not yet overbought upside momentum, indicating that buyers still retain control unless price slips back below nearby averages.

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