Key Moments
- EUR/JPY traded around 184.20 in Asian hours on Monday after slipping following two sessions of gains.
- The pair is testing support at the lower edge of a rising wedge near 184.10, with additional backing from the nine-day EMA at 183.78.
- A downside break could expose the August 3 low at 179.37 and the nine-month trough at 175.70, while a move above 185.80 would refocus the all-time high at 187.95.
Technical Overview of EUR/JPY
EUR/JPY eased lower during Asian trading on Monday, changing hands near 184.20 after advancing for two consecutive sessions. On the daily chart, the cross continues to trade within a rising wedge formation, a structure that typically flags fading upside momentum and often precedes a bearish reversal.
Despite the recent pullback from prior highs, the near-term tone for the cross remains broadly constructive. Prices are still hovering above the nine-period Exponential Moving Average (EMA), helping to underpin the pair in the short run. At the same time, the 14-day Relative Strength Index (RSI) is positioned around the 50 mark, indicating neutral momentum following the latest correction and suggesting that market participants have yet to fully commit to a clear direction, even as the overarching uptrend pattern is still in place.
Key Support Levels in Focus
The currency pair is currently probing immediate support at the lower boundary of the rising wedge, located around 184.10. Just below that area, the nine-day EMA at 183.78 offers an additional technical floor, forming a confluence zone that is crucial for the near-term outlook.
A firm break beneath this combined support area would reinforce a bearish bias and could accelerate selling pressure. Under such a scenario, EUR/JPY may be drawn toward its eight-month low at 179.37, which was registered on August 3. Should bearish momentum persist beyond that level, the next notable downside objective would be the nine-month low at 175.70.
Upside Barriers and Potential Bullish Scenario
On the topside, initial resistance is identified at the 50-day EMA, situated near 184.49. A move through this level would bring the upper boundary of the rising wedge, around 185.80, into play as the next key hurdle.
If the pair manages to stage a sustained break above the wedge pattern, it would point to a renewed bullish phase. This would open up scope for a retest of the region surrounding the all-time high at 187.95, which was reached on April 17.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Performance Against Major Currencies
The table below summarizes the percentage change of the Euro (EUR) versus a basket of major currencies today. According to the data, the Euro was weakest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.08% | -0.09% | -0.14% | -0.04% | -0.13% | -0.22% | -0.18% | |
| EUR | 0.08% | -0.04% | -0.07% | 0.02% | -0.03% | -0.15% | -0.09% | |
| GBP | 0.09% | 0.04% | -0.02% | 0.05% | 0.02% | -0.12% | -0.06% | |
| JPY | 0.14% | 0.07% | 0.02% | 0.10% | 0.02% | -0.08% | -0.01% | |
| CAD | 0.04% | -0.02% | -0.05% | -0.10% | -0.08% | -0.18% | -0.13% | |
| AUD | 0.13% | 0.03% | -0.02% | -0.02% | 0.08% | -0.10% | -0.10% | |
| NZD | 0.22% | 0.15% | 0.12% | 0.08% | 0.18% | 0.10% | 0.05% | |
| CHF | 0.18% | 0.09% | 0.06% | 0.01% | 0.13% | 0.10% | -0.05% |
The heat map should be read by taking the base currency from the left-hand column and the quote currency from the top row. For instance, selecting the Euro as the base currency on the left and then moving horizontally to the US Dollar column will show the percentage move for EUR (base)/USD (quote) in the corresponding cell.
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