Extra range bound appears likely

• EUR/JPY trades with small gains in a tight range above 157.00.
• Initial resistance comes at the monthly peaks near 158.50.

EUR/JPY leaves behind Monday’s small losses and edges a tad higher well north of the 157.00 hurdle on Tuesday.

In the meantime, the cross continues to face some side-lined trading prior to the potential resumption of the uptrend. That said, a minor hurdle emerges at the so far monthly highs around 158.50 (September 5-7) ahead of the 2023 peak at 159.76 (August 30) and before 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).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 148.50.

EUR/JPY daily chart