• EUR/JPY could test the upper boundary of the symmetrical triangle around 185.90.
• The 14-day Relative Strength Index is at 51, hinting at neutral-to-firm momentum.
• Initial support aligns with the 50-day EMA of 184.91.

EUR/JPY gains ground for the second successive day, trading around 185.00 during the Asian hours on Monday. The currency cross holds a constructive near-term bias as it trades above the nine-period and 50-period Exponential Moving Averages (EMAs).

The volume-weighted average price (VWAP) is reinforcing underlying demand around 184.31. The 14-day Relative Strength Index (RSI) hovers near 51, reflecting neutral-to-firm momentum as the spot price solidifies above key dynamic support levels.

The technical analysis of the daily chart suggests that the EUR/JPY cross is remaining within the symmetrical triangle, indicating that both buyers and sellers are becoming increasingly aggressive, squeezing the price into a tighter and tighter range. Neither side has taken control yet, creating a temporary balance of power.

Further advances would support the EUR/JPY cross to test the upper boundary of the symmetrical triangle around 185.90. A break above the triangle would cause the bullish emergence and expose the all-time high of 187.95, which was recorded on April 17.

On the downside, initial support lies at the 50-day EMA of 184.91, followed by the nine-day EMA at 184.71. Further declines would expose the symmetrical triangle’s lower boundary around 183.60, followed by the four-month low of 181.87, recorded on March 16, and the six-month low of 180.81.

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