• EUR/JPY regains some balance following Tuesday’s pullback.
• Further recovery should retest the 148.00 barrier in the near term.

EUR/JPY resumes the uptrend and leaves behind part of Tuesday’s pronounced pullback to weekly lows near 146.30.

The underlying strong upside momentum in the cross appears so far unabated. Against that, the surpass of the 148.00 hurdle should put a potential test of the 2023 peak at 148.63 (April 25) back on the radar.

Further north, the cross could embark on further gains and attempt a visit to the key 150.00 mark.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 142.34.

EUR/JPY daily chart