EUR/JPY Price Analysis: Next target… the moon?

• EUR/JPY advances to fresh peaks past 156.00.
• Next on the upside comes the 156.80 region.

EUR/JPY adds to Wednesday’s positive performance and surpasses the 156.00 mark for the first time since late September 2008.

In the meantime, further gains should clear the YTD high at 156.52 (June 22) to then refocus on the weekly top recorded in late September 2008 at 156.83, which precedes the key round level at 157.00.

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 144.69.

EUR/JPY daily chart