EUR/JPY Price Analysis: Further upside likely in the short term

• EUR/JPY sheds part of the recent uptrend and drops below 147.00.
• The 2022 high at 148.40 still remains as the immediate target for bulls.

EUR/JPY comes under pressure and slips back below the 147.00 mark following three consecutive daily advances.

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 2022 high at 148.40 (October 21) prior to the December 2014 top 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 137.18, the constructive outlook is expected to remain unchanged.

EUR/JPY daily chart