EUR/JPY Price Analysis: Further upside appears in the pipeline

• EUR/JPY extends the upside for yet another session on Thursday.
• Bets for the continuation of the uptrend keep rising.

EUR/JPY adds to recent gains and clinches fresh tops in the 123.00 neighbourhood on the back of the broad-based improvement in the risk-on universe.

Extra gains now remain in the pipeline with interim hurdles at the 100-day and 55-day SMAs at 123.63 and 124.16, respectively. Further up comes in the October peaks in the 125.00 zone.

While above the 200-day SMA at 121.18, EUR/JPY is expected to keep the positive bias unchanged.

EUR/JPY daily chart