- EUR/JPY fails once again to break above the 144.00 zone on Wednesday.
- Gains are likely to accelerate on a break of the 2022 high at 144.25.
EUR/JPY trades defensively on Wednesday for the first time after three consecutive daily gains.
Despite the corrective move, the cross maintains solid upside momentum and a continuation of this move should put a potential test of the 2022 high at 144.25 (8 Jun) back on the radar sooner rather than later.
Once past the 2022 high, the next target to watch should come at the 2015 high at 145.32 (Jan 2) before the 2014 high at 149.78 (Dec 8).
Meanwhile, should it continue above the 3-month support line near 137.60, the short-term outlook for the cross should remain bullish. This area appears reinforced by the proximity to the 55-day simple moving average.
EUR/JPY day chart
Source: Fx Street
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