EUR/JPY PRICE ANALYSIS: FURTHER RECOVERY TARGETS THE 2022 HIGH

• EUR/JPY adds to Friday’s gains above 142.00.
• Further upside should re-target the 2022 high past 144.00.

EUR/JPY extends Friday’s rebound further north of the 142.00 mark at the beginning of the week.

The cross sparked a bounce off last week’s lows in the sub-138.00 zone and the continuation of this move should put a potential challenge of the YTD peak past 144.00 back on the radar sooner rather than later.

That said, the surpass of the 2022 peak at 144.25 (June 8) should lead up to a probable test of the 2015 high at 145.32 (January 2) prior to the 2014 high at 149.78 (December 8).

In the meantime, while above the 3-month support line near 137.15, the short-term outlook for the cross should remain bullish.