Key Moments
- EUR/JPY has been trading around 186.60 during Asian hours while remaining above its nine-period and 50-period EMAs.
- The cross is trading inside a rising wedge pattern, with key resistance near 187.00 and a bearish reversal risk if the pattern fails.
- Primary support is clustered around the nine-day EMA at 186.18, the wedge base near 185.60, and the 50-day EMA at 185.39.
Technical Overview
EUR/JPY showed limited movement after modest gains in the previous session, changing hands around 186.60 during Asian trading on Wednesday. The pair continues to reflect a constructive short-term outlook as price remains positioned above both the nine-period and 50-period Exponential Moving Averages (EMAs). This configuration, with shorter- and medium-term EMAs situated below the spot rate, points to persistent upward pressure.
The 14-day Relative Strength Index (RSI) is holding near 60, reinforcing a positive momentum backdrop while still staying shy of overbought territory. At the same time, analysis of the daily chart indicates that the cross is trading within a rising wedge formation, a pattern that highlights the potential for a pronounced bearish reversal.
Upside Levels: Wedge Resistance and Record High
On the topside, EUR/JPY is poised to confront initial resistance at the upper boundary of the rising wedge, located around 187.00. A clear break above that barrier would open the way for a move toward the all-time high at 187.95, which was reached on April 17.
Downside Risks and Key Support Cluster
On the downside, the first notable support is found at the nine-day EMA, currently near 186.18. Below that, attention turns to the lower edge of the rising wedge around 185.60, followed by the 50-day EMA at 185.39. A decisive move beneath this combined support area could trigger a more pronounced bearish phase, exposing the pair to the area surrounding the five-month low of 181.87, recorded on March 16, and the seven-month low at 180.81.
EUR/JPY Daily Chart Context
Price action within the rising wedge, together with the supportive EMAs and constructive RSI reading, underscores a market balancing near-term bullish momentum against the risk of a technical breakdown. Traders are likely to monitor reactions around the wedge boundaries and EMA levels for confirmation of either continued upside or an emerging downside reversal.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Performance Against Major Currencies
The following table summarizes the percentage change of the Euro (EUR) against a range of major currencies today. According to the data, the Euro has been weakest versus the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.10% | -0.06% | -0.10% | -0.09% | 0.39% | 0.12% | -0.18% | |
| EUR | 0.10% | 0.05% | 0.00% | 0.01% | 0.52% | 0.20% | -0.07% | |
| GBP | 0.06% | -0.05% | -0.02% | -0.03% | 0.46% | 0.15% | -0.12% | |
| JPY | 0.10% | 0.00% | 0.02% | 0.02% | 0.52% | 0.17% | -0.07% | |
| CAD | 0.09% | -0.01% | 0.03% | -0.02% | 0.49% | 0.17% | -0.09% | |
| AUD | -0.39% | -0.52% | -0.46% | -0.52% | -0.49% | -0.31% | -0.56% | |
| NZD | -0.12% | -0.20% | -0.15% | -0.17% | -0.17% | 0.31% | -0.26% | |
| CHF | 0.18% | 0.07% | 0.12% | 0.07% | 0.09% | 0.56% | 0.26% |
The heat map reflects percentage moves between each currency pair. The base currency is selected from the left column and the quote currency from the top row. For instance, choosing the Euro from the left column and reading across to the US Dollar cell gives the percentage change for EUR (base)/USD (quote).
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