EUR/JPY Price Analysis: Immediate resistance lines up around 144.00

• EUR/JPY fails once again to surpass the 144.00 zone on Wednesday.
• Gains could likely accelerate on a breakout of the 2022 high at 144.25.

EUR/JPY trades on the defensive for the first time after three consecutive daily advances on Wednesday.

Despite the corrective move, the cross keeps the upside momentum well and sound and the continuation of this move should put a potential test of the 2022 high at 144.25 (June 8) back on the radar sooner rather than later.

Once cleared, the next target of note should come at 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 137.60, the short-term outlook for the cross should remain bullish. This area appears reinforced by the proximity of the 55-day SMA.

EUR/JPY daily chart