EUR/JPY Price Analysis: Immediate hurdle remains around 158.00

• EUR/JPY comes under pressure following a test of 157.50.
• Extra gains continue to target the 2023 high beyond 158.00.

EUR/JPY reverses three consecutive daily advances and faces some selling pressure soon after testing weekly highs near 157.50 on Wednesday.

The continuation of the upside momentum should initially target the 2023 high at 158.04 (July 21), while the surpass of this levels exposes a move to the round level of 160.00 in the not-so-distant future.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 146.58.

EUR/JPY daily chart