EUR/JPY Price Analysis: Next on the upside comes the 2023 high

• EUR/JPY adds to Friday’s sharp advance past 157.00.
• Extra gains now target the 2023 peak just above 158.00.

EUR/JPY advances for the second session in a row and surpasses the key 157.00 barrier on Monday.

The continuation of the upside momentum should initially target the 2023 high at 158.04 (July 21). The surpass of this levels exposes a move to the round level of 160.00 in the not-so-distant future.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 146.49.

EUR/JPY daily chart