• EUR/JPY tests the symmetrical triangle's upper boundary, signaling an imminent bullish breakout.
• The 14-day Relative Strength Index near 55 suggests positive, sustainable upward momentum.
• The currency cross could find the initial support at the VWAP of 185.28.

EUR/JPY pares steadies after registering modest gains in the previous day, trading around 185.60 during the Asian hours on Thursday. The currency cross is maintaining a constructive bullish bias as spot holds above the moving averages, with a nine-day Exponential Moving Average (EMA) moving above a 50-day EMA, suggesting a bullish shift in momentum.

The EUR/JPY cross also sits over the session Volume-Weighted Average Price (VWAP), while the 14-day Relative Strength Index (RSI) near 55 suggests positive but not overstretched momentum, hinting that buyers retain control as long as these supports are defended.

Daily chart technical analysis shows the EUR/JPY cross is positioned on the upper boundary of the symmetrical triangle around 185.60, signaling an imminent bullish breakout. It shows that buyers are aggressively pushing the price up, testing a breakout. A decisive close above this line confirms the breakout, typically triggering a sharp rally toward the all-time high of 187.95, which was recorded on April 17.

On the downside, primary support lies at the VWAP at 185.28, followed by the nine-day EMA at 185.13 and the 50-day EMA at 184.99. Further declines would put downward pressure on the EUR/JPY cross to test the symmetrical triangle’s lower boundary around 183.70. A break below the triangle would expose 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. Know more.)