• EUR/JPY comes to further downside pressure on Thursday.
• The corrective knee-jerk meets contention around 158.00.

EUR/JPY corrects further down and adds to the ongoing rejection from Tuesday’s 2023 peaks.

Despite the ongoing decline, 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 151.09.

EUR/JPY daily chart