EUR/JPY Price Analysis: Further gains could challenge 160.00 near term

• EUR/JPY keeps the range bound trade around the 159.00 region.
• Extra upside could test the 160.00 region in the short term.

EUR/JPY prints decent gains around the 159.00 zone amidst the so far multi-day consolidative mood on Wednesday.

So far, the continuation of the upside momentum appears likely with an immediate target emerging at the round level of 160.00. The breakout 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 147.16.

EUR/JPY daily chart