EUR/JPY Price Analysis: Next on the upside comes 158.00

• EUR/JPY adds to Monday’s decline to the 156.00 zone.
• The resumption of the bullish bias should retarget the 158.00 area.

EUR/JPY retreats for the second session in a row on Tuesday, this time revisiting the 156.00 neighbourhood.

While further correction cannot be ruled out for the time being, the cross continues to target the 2023 highs around 158.00. Once cleared, the cross could embark on a move to 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 146.32.

EUR/JPY daily chart