EUR/JPY Price Analysis: Further gains could challenge 158.00

• EUR/JPY extends the upside to the mid-157.00s.
• Extra advance is expected to target the YTD top past 158.00.

EUR/JPY advances further and leaves behind the 157.00 hurdle on Wednesday.

So far, the continuation of the upside momentum appears likely with the initial target still at the 2023 high at 158.04 (July 21). The breakout of this level exposes a move to the round level of 160.00.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 146.84.

EUR/JPY daily chart