• EUR/JPY extends the rally to the boundaries of 148.00
• Further up could see the 2022 high at 148.40 revisited.

EUR/JPY keeps the upside bias well in place and trades closer to the key 148.00 mark on Thursday.

Considering the ongoing price action, further gains in the cross remain in store for the time being. That said, the continuation of the upside momentum could extend further and challenge the 2022 peak at 148.40 (October 21) sooner rather than later.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 142.20.

EUR/JPY daily chart