• The EUR/JPY cross may rise toward the all-time high of 187.95.
• The 14-day Relative Strength Index sits at 58.39, signaling strong upward momentum.
• The immediate support lies around the lower boundary of the ascending channel at 185.60.

EUR/JPY gains ground after posting minor losses in the previous day, trading around 185.70 during the Asian hours on Thursday. The technical analysis of a daily chart indicates that the currency cross is remaining within the ascending channel pattern, signaling an ongoing bullish bias.

The EUR/JPY cross is maintaining a bullish near-term bias as it holds above both the nine-and 50-period Exponential Moving Averages (EMAs). The currency cross is consolidating near recent highs, with the 14-day Relative Strength Index (RSI) at 58.39 hinting at constructive momentum without reaching overbought territory, suggesting dips could still attract buying interest while the broader uptrend stays intact.

The EUR/JPY cross may explore the region around the all-time high of 187.95 set on April 17, followed by the upper boundary of the ascending channel around 188.50.

On the downside, the EUR/JPY cross tests the immediate support around the lower boundary of the ascending channel at 185.60, followed by the nine-day EMA at 185.30 and the 50-day EMA at 184.77. A break below this confluence support zone may cause the bearish reversal, potentially pressing the currency cross down toward its nine-month low of 179.37, recorded on August 3.