With the recent wave of yen weakness, the euro has managed to make a new high for the year against the Japanese currency at 144.69. However, euro / yen has still not managed to exceed the 6-year high which was registered back in late December of 2013 at 145.66. This is the next target of the euro up move and should be relatively easy to achieve.
However, as is the case with other yen crosses, the yen is quite oversold at present or the euro overbought in the case of the chart on display. RSI is slightly above 70 at 71 and the MACD, although giving a strongly bullish signal, is also indicating overbought conditions.
A pullback from these levels could lead euro / yen down to 140.50, which could be a support level (the previous resistance back in September). A pullback should be welcomed as it would remove the stigma of being overbought and encourage fresh buyers.
Overall, on the basis of the recent impressive gains by the euro (added 7 yen in less than 10 trading sessions), the single currency is eventually expected to test the 6-year highs above 145.