EUR/JPY Price Analysis: There is a tough barrier around 160.00

• EUR/JPY adds to Tuesday’s losses following YTD peaks.
• Further gains maintain the target at the round level of 160.00.

EUR/JPY comes under further downside pressure after climbing to new 2023 highs near the 160.00 barrier on Tuesday.

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 159.91 (October 24) closely followed by 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 150.99.

EUR/JPY daily chart