• EUR/JPY resumes the upside and challenges the 2022 high.
• The continuation of the uptrend could extend to the 149.80 region.

EUR/JPY leaves behind Wednesday’s negative price action and retakes the area beyond 147.00 the figure, closer to the 2022 peak.

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 high 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 136.76, the constructive outlook for the cross should remain unchanged.

EUR/USD daily chart