EUR/JPY Price Analysis: The breakout of the consolidation exposes the 2023 top

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  • EUR/JPY extends the weekly uptrend beyond 158.00.
  • Next on the upside comes the YTD high.

EUR/JPY clinches its third session in a row of gains and manages to reclaim the 158.00 barrier and beyond on Tuesday.

In the meantime, the cross continues to face some consolidative range. Against that, a minor hurdle emerges at the so far monthly high of 158.65 (September 13) ahead of the 2023 top at 159.76 (August 30), which precedes 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).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 148.84.

EUR/JPY daily chart