• EUR/JPY comes under pressure after printing new cycle highs.
• Further up aligns the December 2014 top at 149.78.

EUR/JPY returns to the negative territory after six consecutive sessions closing with gains.

Considering the current price action in the cross, the door still looks open to extra upside. 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 near 141.00.

In the longer run, while above the key 200-day SMA at 136.68, the constructive outlook for the cross should remain unchanged.

EUR/JPY daily chart