• EUR/JPY now partially fades Monday’s strong advance.
• The resumption of the upside bias could visit 160.00.

EUR/JPY now faces some renewed downside pressure and erodes part of the strong gains recorded at the beginning of the week.

So far, the emergence of some consolidation seems probable in the very near term ahead of the continuation of the upside. That said, the immediate target remains at the round level of 160.00.

The surpass of the latter should not see any resistance level of note until the 2008 high at 169.96 (July 23)

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 147.45.

EUR/JPY daily chart