EUR/JPY Surges to Near 185.00 Amid Rising Wedge Breakout
The EUR/JPY currency pair has broken above its 50-day Exponential Moving Average (EMA) and is trading near 185.00, extending its winning streak for the fourth consecutive day.
The technical analysis of a daily chart indicates that the spot remains within a rising wedge, signaling that an upward trend may be losing momentum and typically acts as a bearish reversal.
However, the EUR/JPY cross holds above both the 50-period and nine-period EMAs, keeping the near-term bias constructive. The clustering of price just over these short- and medium-term EMAs suggests ongoing demand on dips, while the 14-day Relative Strength Index (RSI) stays in neutral territory with a mild bullish tilt.
On the upside, primary resistance lies at the upper boundary of the rising wedge around 186.10. A sustained break above the wedge could signal a broader bullish resurgence, opening the path for the currency cross to retest the area surrounding its all-time peak of 187.95 set on April 17.