EUR/JPY Price Analysis: A test of the 2023 high looms closer

• EUR/JPY picks up further pace and approaches 151.00.
• The continuation of the move could see the 2023 top revisited.

EUR/JPY maintains the optimism in the first half of the week and now trades closer to the key barrier at 151.00 the figure.

If the bulls maintain their dominance, they will encounter a significant obstacle at the weekly top of 151.07 (May 29). A successful breakthrough above this level could potentially lead to a rise towards the peak of 2023, which stands at 151.61 (May 2).

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 144.31.

EUR/JPY daily chart