• EUR/JPY comes under pressure and challenges 146.00.
• The cross could attempt some consolidation in the short term.

EUR/JPY fades two consecutive daily gains and flirts with the 146.00 neighbourhood on Tuesday.

Looking at the current price action, the cross could attempt some near-term consolidation ahead of a potential resumption of the uptrend. Against that, the immediate up barrier remains at the 2022 high at 148.40 (October 21) prior to the December 2014 top at 149.78 (December 8).

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

In the longer run, while above the key 200-day SMA at 137.45, the constructive outlook is expected to remain unchanged.

EUR/JPY daily chart