EUR/JPY Price Analysis: Next on the upside comes 145.32

• EUR/JPY extends the march above the 142.00 yardstick.
• Further upside now targets the 2015 high beyond 145.00.

EUR/JPY keeps the march north well in place for yet another session and prints new cycle highs past 142.00 the figure on Tuesday.

The cross briefly probed the area just above the 142.00 yardstick and opened the door to the continuation of the rally in the very near term. That said, there are no relevant hurdles until the 2015 high at 145.32 (January 2) ahead of the 2014 peak at 149.78 (December 8).

In the meantime, while above the 2-month support line near 135.75, the short-term outlook for the cross should remain bullish.

EUR/JPY daily chart