• EUR/JPY eyes the upper boundary of the descending channel pattern around 186.20.
• The 14-day Relative Strength Index near 56 remains positive, showing steady momentum without entering overbought territory.
• The primary support appears at the nine-day EMA at 185.60.

EUR/JPY moves little after posting modest gains in the previous day, trading around 185.80 during the Asian hours on Friday. The EUR/JPY cross is holding a constructive bullish bias as it remains above both the nine-day and 50-day Exponential Moving Averages (EMAs). The alignment of the shorter nine-day EMA above the 50-day EMA hints at a still-supportive trend backdrop.

The 14-day Relative Strength Index (RSI) near 56 stays in positive territory without entering overbought conditions, suggesting upside momentum is intact but not overstretched.

The technical analysis of the daily chart suggests the currency cross remains near the upper boundary of the descending channel pattern around 186.20. The sustained break above the channel would indicate bullish confirmation. Further advance would support the EUR/JPY cross to explore the region around the all-time high of 187.95, recorded on April 17.

On the downside, the primary support lies at the nine-day EMA at 185.60, followed by the 50-day EMA of 185.10. Further declines below moving averages would cause the bearish reversal and 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 the nearly six-month low of 180.81, reached on February 12.

(The technical analysis of this story was written with the help of an AI tool.)