Risks remain tilted to the upside

  • EUR/JPY rebounds after two consecutive daily retracements.
  • Next on the upside comes the 2022 peak past 144.00.

EUR/JPY regains the 142.00 mark and beyond and at the same time leaves behind two straight sessions with losses on Friday.

The bullish bias in the cross remains well and sound and the continuation of the recovery could revisit the 2022 high at 144.25 (June 8) sooner rather than later.

The surpass of the latter could pave the way for a move to 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 138.15, the short-term outlook for the cross should stay bullish. This area appears reinforced by the proximity of the 55-day SMA.

EUR/JPY daily chart

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