• EUR/JPY fades the initial spike to fresh 2022 highs past 134.00.
• Next of relevance on the upside comes the 2018 tops near 137.50.

EUR/JPY returns to the negative ground after an auspicious start of the day lifted it to new 2022 peaks in the 134.70/75 band on Friday.

The upside momentum in the cross appears unabated for the time being, although the proximity of the overbought territory might spark a near-term correction. The continuation of the uptrend is expected to meet the next significant barrier at the 2018 high at 137.50 recorded on February 2 of that year.

In the meantime, while above the 200-day SMA (130.00), the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart