• EUR/JPY may retest the symmetrical triangle's lower support boundary near 184.40.
• The 14-day Relative Strength Index at 45.66 remains below the midline, signaling that bullish momentum is fading.
• The initial barrier lies at the 50-day EMA of 185.05.

EUR/JPY gains ground after registering over 0.5% in the previous day, trading around 184.90 during the Asian hours on Monday. The EUR/JPY cross is holding beneath both the 50-day and nine-day Exponential Moving Averages (EMAs), which keeps the near-term bias tilted to the downside despite the broader uptrend.

The 14-day Relative Strength Index (RSI) at 45.66 stays below the midline, hinting at fading bullish momentum and reinforcing the idea that recent bounces are likely to struggle while price remains capped under this short-term EMA cluster.

The technical analysis of the daily chart suggests the EUR/JPY cross is positioned near the lower boundary of the symmetrical triangle pattern around 184.40. The triangle suggests a period of consolidation, though a break below it would reinforce the bearish bias and put downward pressure on the currency cross to navigate the region around the three-month low of 181.87, recorded on March 16, followed by the nearly six-month low of 180.81, reached on February 12.

On the upside, the primary barrier lies at the 50-day EMA of 185.05, followed by the nine-day EMA at 185.28 and the upper boundary of the symmetrical triangle around 186.30. Further advances would expose the all-time high of 187.95, recorded on April 17.

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