EUR/JPY Traders Eye Rising Wedge Top at 187.00

The EUR/JPY currency cross has maintained its bullish near-term tone despite trading around 186.60 during the Asian hours on Wednesday.

This bullish bias is due to the cross holding above both the nine-period and 50-period Exponential Moving Averages (EMAs), as well as a Relative Strength Index (RSI) of around 60, indicating ongoing upside pressure.

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

A break above the upper boundary of the rising wedge at 187.00 could push the currency cross to target its all-time high of 187.95, recorded on April 17.