EUR/JPY Price Analysis: Corrective decline could extend to 154.00

• EUR/JPY adds to Wednesday’s pullback and breaches 156.00.
• If the selling pressure picks up pace, the cross could revisit 154.00.

EUR/JPY loses ground for the second session in a row and briefly pierces the key support at 156.00 the figure on Thursday.

In case seller push harder, the cross could attempt a move to the transitory 55-day SMA near 154.00, where it is expected to meet initial contention.

Looking at the longer run, the continuation of the upside momentum appears likely with the initially target still at the 2023 high at 158.04 (July 21). The surpass of this level exposes a move to the round level of 160.00 in the not-so-distant future.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 146.63.

EUR/JPY daily chart