The currency pair trades below key moving averages with RSI under 50, suggesting limited upside amid consolidation.
EUR/JPY hovers around 184.90 in Asian trading after a 0.5% gain on Friday, remaining below both the 50-day and nine-day EMAs. The 14-day RSI at 45.66 indicates weakening bullish momentum, reinforcing a near-term downside bias despite the broader uptrend.
The pair is testing the lower boundary of a symmetrical triangle near 184.40, a pattern signaling consolidation. A break below could target the March 16 low of 181.87, followed by the February 12 low of 180.81. Resistance lies at the 50-day EMA of 185.05 and the triangle’s upper boundary near 186.30.
Technical indicators suggest caution, with the cross struggling to sustain gains above short-term moving averages. Further advances would face hurdles at the April 17 high of 187.95.