EUR/JPY Price Analysis: Some consolidation likely ahead of further gains

• EUR/JPY maintains the side-lined trading in place around 159.00.
• Further range bound appears on the cards in the near term.

EUR/JPY fades part of Wednesday’s advance and trades with mild losses just below the 159.00 yardstick on Thursday.

So far, the emergence of some consolidation seems probable in the very near term ahead of the continuation of the upside. Against that, the immediate target is expected at the round level of 160.00, while the surpass of this level 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 147.24.

EUR/JPY daily chart