EUR/JPY Price Analysis: Strong rebound retargets the 2023 highs

• EUR/JPY extends the upside momentum sparked on Monday.
• Next on the upside comes the YTD peak near 145.60.

EUR/JPY adds to the uptick seen at the beginning of the week and trades closer to the 143.00 region on Tuesday, an area coincident with the 100-day SMA.

The rebound appears strong and the continuation of this price action should target the 2023 high at 145.56 (March 2) ahead of a potential visit to the December 2022 peak at 146.72 (December 15).

In the meantime, extra losses remain on the cards while the cross trades below the 200-day SMA, today at 141.78.

EUR/JPY daily chart