EUR/JPY Price Forecast: Holds gains above confluence around 184.00

• EUR/JPY may rise toward the record high of 186.88.
• The Relative Strength Index near 56 holds above midline, confirming improving momentum.
• Immediate support is seen at the nine-day EMA near 183.77.

EUR/JPY remains stronger for the fourth consecutive trading day, hovering around 184.30 during the Asian session on Wednesday. The technical analysis of the daily chart shows the spot is rising above the upper boundary of a descending triangle, which typically signals a bullish reversal. However, low volumes suggest a lack of conviction from buyers. Traders will likely look for strong volume confirmation to validate the breakout and avoid false signals.

The Relative Strength Index (RSI) near 56 stays above its midline and confirms improving momentum rather than overbought conditions, suggesting buyers retain control after the recent consolidation.

The near-term bias is mildly bullish as the EUR/JPY cross holds above the 50-day Exponential Moving Average (EMA) while the nine-day average rises above it, indicating short-term upside pressure within an established uptrend. The currency cross may explore the region around the all-time high of 186.88, reached on January 23.

On the downside, the immediate support is seen at the nine-day EMA of 183.77. A return to the descending triangle would expose the 50-day EMA support at 183.28. Further declines below the medium-term average would revive the bearish bias and put downward pressure on the EUR/JPY cross to navigate the area around the lower boundary of the descending triangle around 181.60, followed by the three-month low of 180.81, recorded on February 12.

(The technical analysis of this story was written with the help of an AI tool.)