• EUR/JPY resumes the upside after two sessions of losses.
• Further consolidation should not be ruled out in the near term.

EUR/JPY reverses two consecutive daily pullbacks after briefly dropping to the 157.00 region, where the provisional 55-day SMA also sits.

In the meantime, the cross appears poised to maintain the consolidative mood in the very near term ahead of the potential resumption of the uptrend. That said, immediate hurdle emerges at the recent 2023 peak at 159.76 (August 30) before the key round level at 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 148.35.

EUR/JPY daily chart