EUR/JPY Price Analysis: Still scope for further gains

EUR/JPY comes under selling pressure and revisits 155.00.
The continuation of the uptrend appears the most likely scenario.

EUR/JPY reverses two consecutive daily gains and retests the 155.00 zone at the beginning of the week.

Despite the ongoing pullback, the cross remains poised to extend the recovery in the short-term horizon, with the immediate hurdle at the so far 2023 peak in the boundaries of 158.00 the figure (June 29).

In the meantime, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 145.95.

EUR/JPY daily chart

Jul 17, 2023

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