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

• EUR/JPY flirts with two-day highs above 159.00.
• Extra gains could see the 160.00 zone revisited in the short term.

EUR/JPY reverses two consecutive daily pullbacks and reclaims the area beyond 159.00 the figure on Monday.

So far, the emergence of some consolidation seems probable in the very near term ahead of the continuation of the upside. That said, the immediate target remains at the round level of 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 147.38.

EUR/JPY daily chart