• EUR/JPY starts the week fairly bid above the 156.00 mark.
• Next on the upside remains the 2023 top just past 158.00.

EUR/JPY extends Friday’s small gains and surpasses the key 156.00 hurdle at the beginning of the week.

So far, the continuation of the upside momentum appears likely with the initial target still at the 2023 high at 158.04 (July 21). The breakout of this level exposes a move to the round level of 160.00.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 146.73.