EUR/JPY Price Analysis: Further upside in store near term

• EUR/JPY gathers extra steam and pokes with the 159.00 hurdle.
• Next on the upside comes the key round level at 160.00.

EUR/JPY extends the recovery for yet another session and manages to briefly pierce the 159.00 ceiling on Tuesday.

If the move higher picks up extra pace, the cross should challenge recent 2023 highs near 159.50 (August 22) ahead of the key round level at 160.00. The surpass of the latter should not see any resistance level of note until the 2008 high at 169.96 (July 23)

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 147.77.

EUR/JPY daily chart