EUR/JPY Price Analysis: The September 2008 high past 159.00 comes next

• EUR/JPY reverses two sessions in a row with gains.
• The continuation of the upside now targets the 159.00 hurdle.

EUR/JPY comes under pressure following Thursday’s peaks in levels just shy of the 157.00 barrier on Friday.

In the meantime, further gains should clear the YTD high at 156.93 (June 22) to then challenge the 157.00 mark. The surpass of the latter should motivate the cross to embark on a potential visit to the September 2008 top near 159.60.

While extra gains remain on the cards, the ongoing overbought conditions of the cross are indicative that further retracements 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 144.76.

EUR/JPY daily chart