EUR/JPY Price Analysis: Further gains target the 2023 high

• EUR/JPY breaks above the range bound theme seen earlier in the week.
• Extra upside continues to target the YTD peak around 158.00.

EUR/JPY leaves behind the recent inconclusive price action and bounces markedly to the area beyond the 157.00 hurdle on Wednesday.

In the meantime, the cross keeps the recovery mode in place and the continuation of the uptrend carries the potential to challenge the so far 2023 peak in the boundaries of 158.00 the figure (June 29).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 146.10.

EUR/JPY daily chart