EUR/JPY Price Analysis: Upside looks capped by 158.00

• EUR/JPY trades with small gains in the low-157.00s.
• Extra gain remains in the pipeline in the near term.

EUR/JPY gathers fresh upside bias and retakes the 157.00 barrier following an earlier drop to the 156.70 region on Wednesday.

Considering the ongoing price action, some side-lined trading appears the most likely scenario for the time behind ahead of the potential resumption of the uptrend. Against that, further gains should clear the 158.00 region to allow for a potential move to the weekly high of 163.09 (August 22 2008).

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 145.43.

EUR/JPY daily chart