EUR/JPY Price Analysis: No changes to the bullish bias near term

• EUR/JPY comes under pressure following new 2023 peaks.
• The next up barrier remains at the key round level at 160.00.

EUR/JPY reverses a five-day positive streak and breaks below the 159.00 support on Thursday.

The continuation of the uptrend could see the cross challenging the recent 2023 peak at  near 159.76 (August 30) ahead of the key round level at 160.00. The surpass 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 147.92.

EUR/JPY daily chart