Upside momentum has further legs to go

• EUR/JPY advances to new 2023 highs near 162.00.
• Further upside could lift the cross to the 2008 high near 170.00.

EUR/JPY resumes the upside and prints new yearly highs in the vicinity of the 162.00 yardstick on Friday.

Further upside appears well on the cards for the cross in the short-term horizon. Against that, the surpass of the 2023 high of 161.85 (November 10) is expected to face the next significant resistance level not before the 2008 peak of 169.96 (July 23)

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 152.13.

EUR/JPY daily chart