EUR/JPY Price Analysis: Next target now emerges at 160.00

• EUR/JPY climbs to fresh highs well past 158.00 on Thursday.
• Further upside could now see 160.00 revisited in the near term.

EUR/JPY extends the advance for the fifth consecutive session and finally surpasses the key 158.00 hurdle to print new peaks in levels last seen in September 2008 around 158.90.

So far, the continuation of the upside momentum appears likely with an immediate target emerging at he round level of 160.00 in the short-term horizon. The breakout 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 146.92.

EUR/JPY daily chart