EUR/JPY Price Analysis: Firm resistance emerges near 158.00

• EUR/JPY adds to Wednesday’s small drop and retests 157.50.
• The ongoing rally seems to have met a decent barrier near 158.00.

EUR/JPY gives away ground for the second session in a row, although it appears supported around 157.20 for the time being.

Considering the ongoing price action, further gains appear on the cards in the very near term. That said, the continuation of the uptrend should meet the immediate hurdle at the 2023 high of 157.99 (June 28) ahead of the weekly top 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 145.07.

EUR/JPY daily chart