EUR/JPY Price Analysis: Extra gains appear in store near term

• EUR/JPY clinches fresh cycle peaks just above the 144.00 mark.
• Further upside now targets the 2015 high beyond 145.00.

The rally in EUR/JPY looks everything but abated and is currently testing the area of new tops in the 144.00 neighbourhood.

The cross briefly probed the area just above the 144.00 mark and opened the door to the continuation of the rally in the very near term. That said, there are no relevant hurdles until the 2015 high at 145.32 (January 2) ahead of the 2014 peak at 149.78 (December 8).

In the meantime, while above the 2-month support line near 135.90, the short-term outlook for the cross should remain bullish.

EUR/JPY daily chart