• EUR/JPY may rebound toward the nine-day EMA of 183.91.
• The Relative Strength Index RSI slips toward 50, indicating weakening upside momentum.
• The pair may test the initial support at the 50-day EMA at 183.37.

EUR/JPY depreciates after registering modest gains in the previous trading day, hovering around 183.60 during the European hours on Monday. The technical analysis of the daily chart suggests the currency cross remains within the upper boundary of the ascending triangle pattern, reflecting rising buying pressure.

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 EMA rises above it, signaling short-term upside pressure. The pair has rebounded from the 180.81 support area and continues to print higher lows, keeping the broader uptrend intact.

The Relative Strength Index (RSI) has slipped back toward the 50 line, showing fading upside momentum but not yet signaling bearish pressure, which keeps the focus on dip-buying interest while the EUR/JPY cross trades above nearby support.

The immediate barrier lies at the nine-day EMA of 183.91, followed by the upper ascending triangle boundary around 184.60. A successful breakout above the triangle would reinforce the bullish bias and lead the currency cross to explore the region around the all-time high of 186.88, reached on January 23.

On the downside, the primary support lies at the 50-day EMA at 183.37, followed by the lower boundary of the ascending triangle around 182.50. A break below the channel would expose 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.)