EUR/JPY Tests Rising Wedge Bottom Near 184.00 Amidst Bearish Reversal Signs

The EUR/JPY currency cross has been trading around 184.20 during Asian hours on Monday, after depreciating from its two-day gains.

A daily chart analysis shows that the spot remains within a rising wedge formation, indicating a potential bearish reversal as the upward trend loses momentum.

The EUR/JPY cross holds above its nine-period Exponential Moving Average (EMA), keeping price supported despite last week's pullback from highs. The 14-day Relative Strength Index (RSI) is around 50, suggesting neutral momentum after the prior correction.

A break below the lower boundary of the rising wedge at 184.10 would revive a bearish bias, potentially pushing the currency cross down towards its eight-month low of 179.37 recorded on August 3.