EUR/JPY Price Analysis: Consolidation ahead of further gains?

• EUR/JPY reverses two daily gains and challenges 148.00.
• The resumption of the buying pressure should target 150.00.

EUR/JPY comes under pressure and puts the 148.00 neighbourhood to the test on Tuesday.

It seems the bullish outlook now appears somewhat dented. Against that, the cross could move into a consolidative phase before resuming the uptrend and always with the immediate target at the key round level at 150.00 ahead of the 2023 peak at 151.61 (May 2).

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 142.84.

EUR/JPY daily chart

EUR/JPY