The EUR/JPY pair continues its bullish momentum, trading around 178.10 during Monday’s early European session, marking a gain of over 0.25% for the second consecutive day. Short-term price action is strengthened as the pair remains above the nine-day Exponential Moving Average (EMA), while the 14-day Relative Strength Index (RSI) stays above 50, reinforcing the bullish bias.

Traders now eye the 178.50 level as the next target, with the all-time high at 178.82 in sight. A decisive break above this peak could pave the way for further gains toward the psychologically important 180.00 zone, signaling strong bullish sentiment.

On the downside, immediate support lies at the 178.00 psychological level, followed by the nine-day EMA at 177.33. A break below these levels could weaken the short-term momentum and prompt the pair to test the ascending trendline near 176.40 and the 50-day EMA at 175.39.

Further declines below this support area would shift the bias toward bearish territory, potentially pushing EUR/JPY toward the two-month low of 172.14 recorded in early September.

Overall, while the bullish trend remains intact, traders should watch key support levels closely for signs of potential reversals.