• EUR/JPY resumes the upside and clocks a new 2023 high.
• Further advances seem likely in the short-term horizon.

EUR/JPY regains the smile and climbs to fresh YTD highs in the 143.65/70 band at the end of the week.

While the cross looks somewhat side-lined for the time being, a convincing breakout of the 2023 high at 143.67 (February 17) could trigger a move higher to, initially, the December 2022 top at 146.72 (December 15).

In the meantime, while above the 200-day SMA, today at 141.21, the outlook for the cross is expected to remain positive.

EUR/JPY daily chart