• EUR/JPY may rise toward the 186.50 level near the ascending channel’s upper boundary.
• The Relative Strength Index stands at 65.55, indicating strong upward momentum.
• The initial support appears at the nine-day EMA of 184.94.

EUR/JPY extends its gains for the second successive day, trading around 186.10 during the Asian hours on Friday. The technical analysis of the daily chart indicates the currency cross is trending higher within an ascending channel, signaling a persistent bullish bias.

The EUR/JPY cross extends its advance above both the nine-day and 50-day Exponential Moving Averages (EMAs), which reinforce a constructive bullish bias. The rising Relative Strength Index (RSI) at 65.55 sits just below overbought territory, suggesting firm upward momentum.

The EUR/JPY cross may target the immediate resistance at the upper boundary of the ascending channel around 186.50. A break above the channel would reinforce the bullish outlook and open the door toward the all-time high of 186.88, recorded on January 23.

On the downside, the primary support lies at the nine-day EMA of 184.94. A move below this level could weaken the short-term price momentum, exposing the 50-day EMA at 183.76, followed by the channel’s lower boundary around 183.60. A break below this confluence support zone would cause the emergence of the bearish bias and open the doors for the EUR/JPY cross to navigate the region around a four-month low of 180.81, recorded on February 12.

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