EUR/JPY Price Analysis: Technical correction looks likely

• EUR/JPY retreats from recent cycle highs above 144.00.
• Extra gains now target the 2015 peak past the 145.00yardstick.

EUR/JPY is under some technical pullback following the needle-like upside seen in past sessions as well as overbought conditions, as per the daily RSI above the 70.00 threshold.

The cross probed the area above the 144.00 mark and opened the door to the continuation of the rally in the very near term. That said, the surpass of the 2022 peak at 144.25 (June 8) should lead up to a probable challenge of the 2015 high at 145.32 (January 2) prior to the 2014 high at 149.78 (December 8).

In the meantime, while above the 3-month support line near 136.00, the short-term outlook for the cross should remain bullish.

EUR/JPY daily chart