EUR/JPY PRICE ANALYSIS: STILL SCOPE FOR FURTHER UPSIDE

• EUR/JPY regains the upside and the upper-143.00s.
• The breakout of 2022 highs should allow for extra gains.

EUR/JPY fades Tuesday’s retracement and advances further north of the 143.00 mark midweek.

The bullish bias in the cross remains well in place for the time being. That said, the surpass of the YTD top at 144.27 (June 28) is predicted to pave the way to, initially, the round level at 145.00 ahead of the 2015 high at 145.32 (January 2). Further up is the 2014 top at 149.78 (December 8).

In the meantime, while above the 3-month support line around 138.50, the short-term outlook for the cross should remain bullish. This area appears reinforced by the proximity of the 55-day SMA.