EUR/JPY Price Analysis: Rally appears unabated so far

• EUR/JPY extends the upside bias beyond 162.00.
• The continuation of the uptrend appears likely near term.

EUR/JPY advances further north of the 162.00 barrier and clocks a new 2023 peak at 162.75 on Tuesday.

Further upside appears well on the cards for the cross in the short-term horizon. Against that, the surpass of the 2023 high of 162.75 (November 14) is expected to face the next significant resistance level not before the 2008 top of 169.96 (July 23).

In the meantime, the daily RSI flirts with the overbought region near the 70 yardstick, which somehow opens the door to a potential corrective move in the not-so-far horizon.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 152.34.

EUR/JPY daily chart