Reaches fresh highs above 179.00 near wedge resistance
EUR/JPY continues its winning streak for the fourth successive session, trading around 179.10 during the European hours on Wednesday. The currency pair is currently testing resistance within a bearish pattern, as it approaches the upper boundary of an ascending wedge formation.
A potential reversal could occur if the price fails to break out convincingly and instead turns lower. The 14-day Relative Strength Index (RSI) is climbing toward the 70 mark, reinforcing the bullish bias. However, a move above 70 would signal overbought conditions, increasing the likelihood of a near-term downward correction.
The EUR/JPY pair demonstrates stronger short-term momentum, trading above the nine-day Exponential Moving Average (EMA). On the upside, it is hovering near a fresh all-time high of 179.15, reached earlier during Asian trading hours, while testing the ascending wedge’s upper boundary.
A break above this confluence resistance area would pave the way for the currency pair to explore the region around the psychological level of 180.00. On the downside, initial support is seen at the psychological level of 179.00, followed by the nine-day EMA at 177.90.
Should the price break below the nine-day EMA, short-term momentum would weaken, potentially prompting EUR/JPY to test the descending boundary of the ascending wedge around 176.50, with further support near the 50-day EMA at 175.66.
https://bitcoinethereumnews.com/finance/reaches-fresh-highs-above-179-00-near-wedge-resistance/
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