• EUR/JPY comes under pressure following recent tops.
• Further gains target the 2023 high around 158.00.

EUR/JPY fades part of Wednesday’s advance and returns to the 156.50 region on Thursday.

In the meantime, the cross keeps the recovery mode in place and the continuation of the uptrend carries the potential to challenge the so far 2023 peak in the boundaries of 158.00 the figure (June 29).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 146.16.

EUR/JPY daily chart