• EUR/JPY targets the immediate barrier at the ascending channel’s upper boundary around 185.70.
• The Relative Strength Index at 61.38 signals firm but not overbought bullish momentum.
• The primary support lies at the nine-day EMA of 184.52.

EUR/JPY rebounds after registering little losses in the previous day, trading around 185.30 during the European hours on Thursday. The daily chart’s technical analysis indicates the currency cross is trending higher within an ascending channel, signaling a bullish bias.

The near-term bias is bullish as the EUR/JPY cross holds above both the nine-day period and 50-period Exponential Moving Averages (EMAs), respectively. The alignment of the shorter EMA above the longer one suggests an underlying upward trend, while the Relative Strength Index (RSI) at 61.38 points to firm but not yet overstretched bullish momentum as the pair edges toward overhead levels.

The EUR/JPY cross may retest immediate resistance near the upper boundary of the ascending channel around 185.70. 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, initial support is seen at the nine-day EMA of 184.52. A move below this level could weaken the bullish bias, exposing the 50-day EMA at 183.64, followed by the channel’s lower boundary around 183.00.

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