EUR/JPY Price Analysis: Current decline seen as temporary

• EUR/JPY adds to the weekly corrective pullback and pierces 149.00.
• The resumption of the bullish bias should retarget 151.00.

EUR/JPY extends the drop for the third session in a row and briefly tests the area below the 149.00 yardstick on Wednesday.

Despite the ongoing retracement, further upside appears a plausible near-term scenario, and a convincing breakout of the round level at 151.00 could encourage the cross to confront the 2023 top at 151.61 (May 2) in the not-so-distant future.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 143.82.

EUR/JPY daily chart