• EUR/JPY may rebound toward the nine-day EMA of 184.71.
• The 14-day Relative Strength Index around 44 suggests subdued momentum for the currency cross.
• The currency cross may fall toward the three-month low of 181.87.

EUR/JPY loses ground for the second successive day, trading around 184.30 during the Asian hours on Wednesday. The technical analysis of the daily chart indicates the currency cross is remaining slightly below the upper boundary of an emerging descending wedge pattern. The pattern shows lower highs and lower lows; the narrowing price range indicates that selling momentum is losing steam.

The EUR/JPY cross is extending a corrective tone after slipping below the short-term trend markers. The currency cross now sits under both the nine-period Exponential Moving Average (EMA) and the 50-period EMA, keeping the near-term bias tilted lower while those averages act as nearby caps. The 14-day Relative Strength Index (RSI) around 44 suggests subdued momentum, hinting that sellers retain the upper hand but without extreme downside pressure.

The immediate resistance lies at the nine-day EMA of 184.71, followed by the 50-day EMA at 184.84 and the upper boundary of the descending wedge. A successful break above the wedge would support the EUR/JPY cross to explore the region around the all-time high of 187.95, which was recorded on April 17.

On the downside, the EUR/JPY cross may navigate the region around the three-month low of 181.87, recorded on March 16, followed by a five-month low of 180.81, which was reached on February 12.

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