The EUR/JPY currency pair experienced a depreciation after modest gains in the previous trading day, hovering around 183.60 during European hours on Monday [1]. Technical analysis indicates that EUR/JPY remains within the upper boundary of an ascending triangle pattern, suggesting ongoing buying pressure. The near-term bias is mildly bullish, as the pair trades above the 50-day Exponential Moving Average (EMA), with the nine-day EMA rising above it, signaling short-term upside pressure [1]. The pair has rebounded from the 180.81 support area and continues to print higher lows, maintaining the broader uptrend [1].
The Relative Strength Index (RSI) has slipped back toward the 50 line, indicating fading upside momentum but not yet signaling bearish pressure. This keeps the focus on dip-buying interest while EUR/JPY trades above nearby support [1]. Immediate resistance is at the nine-day EMA of 183.91, followed by the upper boundary of the ascending triangle around 184.60. A breakout above this level could reinforce the bullish bias and potentially lead the pair toward the all-time high of 186.88, reached on January 23 [1].
On the downside, primary support is at the 50-day EMA at 183.37, with further support at the lower boundary of the ascending triangle around 182.50. A break below this channel would expose the three-month low of 180.81, recorded on February 12 [1].
According to the heat map of major currencies, the Euro was the weakest against the Japanese Yen today, with EUR/JPY showing a 0.00% change, indicating relative stability but underperformance compared to other currency pairs [1].
CONCLUSION
EUR/JPY is currently trading near key technical support levels, with mildly bullish momentum despite fading upside signals. The pair's ability to hold above the 50-day EMA and print higher lows suggests continued dip-buying interest, but a decisive breakout or breakdown could shift the market bias. Traders are watching for a move above resistance to reinforce bullish sentiment or a drop below support to signal further downside.