EUR/JPY Price Analysis: Rally looks unabated so far

• EUR/JPY reverses two sessions in a row with losses.
• The cross climbs to fresh 2023 peaks well past 157.00.

EUR/JPY resumes the upside after a 2-day hiccup and advances to fresh YTD tops past 157.00 the figure on Tuesday.

Considering the ongoing price action, further gains appear on the cards in the very near term. That said, the continuation of the uptrend should meet the next hurdle of note at the weekly high of 163.09 (August 22 2008).

The ongoing overbought conditions of the cross, however, are indicative that a deeper knee-jerk should not be ruled out at some point in the short-term horizon.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 144.89.

EUR/JPY daily chart