EUR/JPY Price Analysis: Bid bias intact above 138.00

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  • EUR/JPY adds to Wednesday’s small loses and breaches 142.00.
  • Further upside is likely while above the 138.00 area.

EUR/JPY flirts with new 3-day lows in the sub-142.00 region on Thursday.

Despite the corrective move, the cross keeps the upside momentum well and sound and the continuation of this move should retest the 2022 high at 144.25 (June 8) in the near term.

Once cleared, the next target of note should come at the 2015 high at 145.32 (January 2) prior to the 2014 high at 149.78 (December 8).

In the meantime, while above the 3-month support line around 138.00, the short-term outlook for the cross should remain bullish. This area appears reinforced by the proximity of the 55-day SMA.

EUR/JPY daily chart