• EUR/JPY advances to new highs around the 147.00 mark.
• Next on the upside comes the December 2014 high at 149.78.

EUR/JPY accelerates the upside momentum and reaches fresh tops around the 147.00 hurdle, an area last seen back in December 2014.

Considering the current price action, further gains remain favoured. That said, the immediate target now emerges at the December 2014 peak at 149.78 (December 8).

In the short term the upside momentum is expected to persist while above the October lows around 141.00.

In the longer run, while above the key 200-day SMA at 136.60, the constructive outlook for the cross should remain unchanged.

EUR/JPY daily chart