EUR/JPY Price Analysis: The 158.00 area is just around the corner

• EUR/JPY adds to Monday’s gains and approaches 158.00.
• Further north emerges the 2023 peak just past 158.00.

EUR/JPY gathers extra pace and trades closer to the key 158.00 region on Tuesday.

So far, the continuation of the upside momentum appears likely with the initial target still at the 2023 high at 158.04 (July 21). The breakout of this level exposes a move to the round level of 160.00.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 146.78.

EUR/JPY daily chart