EUR/JPY Price Analysis: Room for further upside near term

• EUR/JPY clinches new 2023 peaks around 144.00 on Tuesday.
• The continuation of the uptrend targets the December 2022 high near 146.70.

EUR/JPY fades the initial bull run to new yearly tops just below the 144.00 mark on Tuesday.

While the cross looks somewhat side-lined for the time being, a convincing breakout of the 2023 high at 143.99 (February 21) could trigger a move higher to, initially, the December 2022 peak at 146.72 (December 15).

In the meantime, while above the 200-day SMA, today at 141.29, the outlook for the cross is expected to remain positive.

EUR/JPY daily chart