• EUR/JPY fades the earlier bull run to the 145.20 region on Wednesday.
  • Next on the upside comes the 2023 high near 145.60.

EUR/JPY now alternates gains with losses below the 145.00 mark after the initial move to 145.20 lacked follow through on Wednesday.

Further side-lined trading seems likely for the time being. However, the breakout of this theme should see the next hurdle at the 2023 high at 145.56 (March 2). Beyond this level, the cross could dispute the December 2022 top at 146.72 (December 15) prior to the 2022 high at 148.40 (October 21 2022).

In the meantime, while above the 200-day SMA, today at 141.73, the outlook for the cross is expected to remain positive.

EUR/JPY daily chart