EUR/JPY Price Analysis: Strong momentum could target the 2022 peak

• EUR/JPY extends the strong rally past the 147.00 region.
• Further up aligns the 2022 high north of the 148.00 barrier.

EUR/JPY extends the needle-like uptrend and surpasses the key 147.00 hurdle fort het first time since late October 2022.

Considering the ongoing price action, further gains in the cross remain in store for the time being. That said, the continuation of the upside momentum could extend further and challenge the 2022 peak at 148.40 (October 21) sooner rather than later.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 142.07.

EUR/JPY daily chart