EUR/JPY Price Forecast: Eyes rising wedge top at 187.00

EUR/JPY could find primary resistance around the rising wedge top at 187.00.
The 14-day Relative Strength Index around 60 maintains a bullish bias.
The primary support lies at the nine-day EMA of 186.18.

Akhtar Faruqui FXStreet

EUR/JPY moves little after registering modest gains in the previous day, trading around 186.60 during the Asian hours on Wednesday. The currency cross is maintaining a bullish near-term tone as it holds above both the nine-period and 50-period Exponential Moving Averages (EMAs). The alignment of short- and medium-term EMAs below price suggests ongoing upside pressure.

Additionally, the 14-day Relative Strength Index (RSI) around 60 keeps a constructive bias without yet signaling overbought conditions. However, the daily chart technical analysis shows that the EUR/JPY cross is remaining within a rising wedge, indicating a strong bearish reversal risk.

The EUR/JPY cross may test the initial resistance at the upper boundary of the rising wedge around 187.00. A successful break above the wedge could support the currency cross to target the all-time high of 187.95, which was recorded on April 17.

On the downside, the primary support lies at the nine-day EMA of 186.18, followed by the lower boundary of the rising wedge around 185.60 and the 50-day EMA at 185.39. A break below this confluence support zone could cause a bearish emergence and put downward pressure on the EUR/JPY cross to navigate the region around the five-month low of 181.87, recorded on March 16, and the seven-month low of 180.81.

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

Euro Price Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against 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 shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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