EUR/JPY Rises as Bulls Defend Key Support

Key Moments

EUR/JPY Holds Mild Bullish Tone Above VWAP and EMAs

EUR/JPY is trimming losses from the previous session, changing hands around 185.30 during Asian trading on Wednesday. The cross maintains a slightly bullish stance as it remains above the Volume-weighted Average Price (VWAP) and a grouping of Exponential Moving Averages (EMAs), with the 50-day EMA offering nearby trend support.

The 14-day Relative Strength Index (RSI) stands at 52.81, just above the neutral 50 mark. This positioning signals a modestly positive bias in momentum rather than a forceful upside move, while price action continues to be underpinned by these technical support layers.

Symmetrical Triangle Frames Short-Term Trading Landscape

On the daily chart, EUR/JPY is trading within a symmetrical triangle formation. This pattern reflects a phase of consolidation in which both buyers and sellers are actively engaging, compressing price into an increasingly narrow range. The structure indicates a temporary equilibrium, with neither side yet asserting a decisive directional advantage.

The initial upside hurdle is located at the triangle’s upper boundary near 185.80. A clear move above this ceiling would signal a bullish breakout from the consolidation phase and open the way toward the all-time high at 187.95, set on April 17.

Key Support Levels and Downside Risks

On the downside, first support is identified at the VWAP around 185.20. Below that, additional technical cushions come in at the 50-day EMA at 184.95 and the nine-day EMA at 184.93. A sustained move under these levels would increase selling pressure and bring the lower boundary of the symmetrical triangle, around 183.70, into focus.

If price were to break beneath the triangle’s lower edge, the next reference points on the chart would be the four-month low at 181.87, recorded on March 16, and the six-month low at 180.81.

EUR/JPY Technical Summary