EUR/JPY Price Analysis: Decent support emerges around 157.00

• EUR/JPY sets aside two daily pullbacks in a row and retests 158.00.
• There seems to be a decent contention area around 157.00.

EUR/JPY regains some upside traction and reverses two straight sessions of losses at the beginning of the week.

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).

In the meantime, the resumption of the selling pressure is expected to meet initial support at the weekly low around 157.00 (September 1), an area reinforced by the temporary 55-day SMA.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 148.05.

EUR/JPY daily chart