• EUR/JPY tests the immediate resistance at the nine-day EMA of 183.70.
• The Relative Strength Index hovers near the 50 mid-line, indicating balanced momentum.
• The initial support appears at the 50-day EMA at 183.36.

EUR/JPY extends its gains for the second consecutive day, trading around 183.60 during the Asian hours on Wednesday. The technical analysis of the daily chart suggests the currency cross moves sideways within the ascending triangle pattern, reflecting buying pressure.

The near-term bias is mildly bullish as the EUR/PY cross holds above the 50-day Exponential Moving Average (EMA), continuing to offer a rising trend base. The nine-day EMA remains above the 50-day EMA, keeping a short-term positive alignment despite the recent consolidation under the 184.00 area.

Momentum is balanced, with the Relative Strength Index (RSI) hovering close to the 50 mid-line after recovering from last week’s dip, which points to stabilizing demand rather than aggressive buying pressure.

The EUR/JPY cross is testing the immediate barrier at the nine-day EMA of 183.70, followed by the upper ascending triangle boundary around 184.60. Further advances 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 183.36, followed by the lower boundary of the ascending triangle around 182.70. 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.)