• EUR/JPY tests the nine-day EMA of 184.76.
• The 14-day Relative Strength Index around 47 indicates recent pullback is a consolidation.
• Failing to break the wedge could push the spot down toward its three-month low near 181.87.

EUR/JPY remains flat for the second consecutive day, trading around 184.70 during the Asian hours on Friday. The technical analysis of the daily chart indicates the currency cross is positioned on the upper boundary of an emerging descending wedge pattern, indicating a potential for a bullish reversal.

However, the EUR/JPY cross is holding beneath both the nine-period and 50-period Exponential Moving Average (EMA), keeping the near-term bias capped despite the broader uptrend. The 14-day Relative Strength Index (RSI) sits around 47, pointing to neutral momentum and suggesting the recent pullback is consolidating rather than impulsive for now.

The immediate resistance lies at the confluence around nine-day EMA of 184.76, followed by the 50-day EMA at 184.85 and the upper boundary of the descending wedge. A successful break above this zone would support the EUR/JPY cross to explore the region around the all-time high of 187.95, which was recorded on April 17.

A failure to break the descending wedge would put downward pressure on the EUR/JPY cross to 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.)