It's possible, but it feels like some kind of voodoo when you get it.
Make sure that you're holding UP at the peak of your bounce, and try to bounce with some sideways motion as well. That was what got me those last few pixels, or at least that was what I was trying when I made it.
That jump really feels like an accomplishment when you nail it.
There's a trick you can use for that jump
Get the Red Power Up, bounce up as much as you can, turn into Mi and use the power; all of this without moving horizontally. You won't reach high enough, but as you fall down (turn back into a ball) the Red Power Up will have regenerated (either because you've exited the screen or because enough time has passed, in case it's different in the Vita version): you'll bounce right onto it and fly higher than before, so using the Red Power again should let you make it this time (if not, just repeat until you do).