EUR/JPY Price Analysis: Bullish stance unchanged so far

• EUR/JPY trades in a vacillating tone above 158.00.
• Further gains are expected to dispute the 2023 peak at 159.76.

EUR/JPY seems to have met some decent resistance around the 158.40 zone so far this week.

The continuation of the uptrend could see the cross challenging the recent 2023 peak at  near 159.76 (August 30) 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).

In the meantime, the resumption of the selling pressure is expected to meet initial support at the weekly low around 157.00 (September 1), an area reinforced by the temporary 55-day SMA (157.02).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 148.20.

EUR/JPY daily chart