• EUR/JPY comes under some pressure following recent YTD highs.
• The continuation of the uptrend remains focused on 146.70.

EUR/JPY gives away part of Wednesday’s advance to new 2023 highs past the 143.00 hurdle on Thursday.

While the cross looks broadly side-lined for the time being, a convincing breakout of the upper end of the range near 143.50 could trigger a move higher to, initially, the December 2022 top at 146.72 (December 15).

In the meantime, while above the 200-day SMA, today at 141.17, the outlook for the cross is expected to remain positive.