• EUR/JPY is under pressure after hitting new 2022 highs.
• The continuation of the rise could see the 2014 high revisited.

EUR/JPY hit new highs in years in the 144.30/35 band on Thursday, but then gave back some of the ground gained.

More upside at the cross seems favored at the moment. The next target, however, is not expected to emerge until the 2014 high of 149.78 (8 Dec).

As long as it is above the 200 SMA at 134.82, the outlook for EUR/JPY should remain constructive.

However, it is worth noting the current overbought condition of the EUR/JPY, which could trigger a technical correction in the short term.

EUR/JPY day chart