EUR/JPY Price Analysis: Next on the upside still emerges 146.70

• EUR/JPY comes under pressure following recent YTD peaks.
• Further upside should refocus on the December 2022 high near 146.70.

EUR/JPY faces some selling pressure after surpassing the 144.00 hurdle on Tuesday, or new 2023 tops.

While the cross looks somewhat side-lined for the time being, a convincing breakout of the 2023 high at 144.16 (February 21) could spark extra strength to, initially, the December 2022 peak at 146.72 (December 15).

In the meantime, while above the 200-day SMA, today at 141.34, the outlook for the cross is expected to remain positive.

EUR/JPY daily chart