EUR/JPY Price Forecast: Remains near the symmetrical triangle top around 185.50

EUR/JPY extends its gains for the third successive day, trading around 185.40 during the Asian hours on Wednesday. The currency cross is retaining a mildly bullish tone as it holds above both the nine-period and 50-period Exponential Moving Averages (EMAs). The currency cross is comfortably supported by these near-term averages, while the 14-day Relative Strength Index (RSI) around 53 suggests steady but not overstretched upside momentum, hinting that buyers remain in control without pushing the cross into overbought territory.

The daily chart technical analysis shows the EUR/JPY cross is positioned near the upper boundary of the symmetrical triangle around 185.60, signaling a potential bullish emergence. It shows that buyers are aggressively pushing the price up, testing a breakout. A decisive close above this line confirms the breakout, typically triggering a sharp rally toward the all-time high of 187.95, which was recorded on April 17.

On the downside, primary support lies at the nine-day EMA at 185.12, followed by the 50-day EMA at 185.00. Further declines would put downward pressure on the EUR/JPY cross to test the symmetrical triangle’s lower boundary around 183.80. A break below the triangle would expose the four-month low of 181.87, recorded on March 16, and the six-month low of 180.81.