• EUR/JPY cross reached an all-time high of 187.83 on Friday.
• The 14-day Relative Strength Index is at 71, hinting at a possible corrective consolidation.
• The primary support lies at the nine-day EMA of 186.76.

EUR/JPY gains after registering little losses in the previous day, trading at 187.83, an all-time high, 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 retains a bullish near-term bias as it holds above both the nine-day and 50-day Exponential Moving Averages (EMAs). The rising EMAs suggest underlying demand remains in control.

The 14-day Relative Strength Index (RSI) stands in overbought territory near 71, hinting that upside momentum is strong but vulnerable to bouts of corrective consolidation.

The EUR/JPY cross may target the immediate resistance at the psychological level of 188.00, followed by the upper boundary of the ascending channel around 188.50.

On the downside, the EUR/JPY cross may find its primary support at the nine-day EMA of 186.76. A move below this level could weaken the short-term price momentum, exposing the lower ascending channel boundary around 185.80, followed by the 50-day EMA at 184.46.

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