EUR/JPY Price Analysis: Still room for further range bound trade

• EUR/JPY reverses Monday’s downtick and retests the vicinity of 158.00.
• Immediately to the upside comes the monthly peak at 158.65.

EUR/JPY reverses the negative start of the week and advances to the area near the 158.00 hurdle on Tuesday.

In the meantime, the cross remains stuck within the consolidative range and the breakout of it exposes a visit to the so far monthly high of 158.65 (September 13) prior to the 2023 top at 159.76 (August 30), which precedes 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 149.18.

EUR/JPY daily chart