• EUR/JPY adds to Friday’s gains above 157.00.
• Further upside remains in the pipeline near term.

EUR/JPY extends the rebound to the boundaries of 158.00 the figure at the beginning of the week.

Considering the ongoing price action, extra upside appears likely in the very near term. That said, the continuation of the uptrend should meet the next hurdle of significance not before 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 145.25.

EUR/JPY daily chart