EUR/JPY Price Analysis: Extra gains now target the 2023 peak

• EUR/JPY adds to the recent uptrend around 159.00.
• Further gains now look at the yearly highs near 159.80.

EUR/JPY adds to the ongoing rebound and surpasses the 159.00 hurdle, printing at the same time new multi-week tops.

Considering the current price action, further upside appears in the pipeline for the cross in the short-term horizon. Against that, the immediate hurdle emerges at the 2023 top at 159.76 (August 30) just ahead of the round level at 160.00.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 150.79.

EUR/JPY daily chart