EUR/JPY Price Analysis: Interim contention emerges at 158.80

• EUR/JPY adds to Thursday’s corrective decline.
• Further losses appear on the cards near term.

EUR/JPY comes under extra selling pressure following Thursday’s 2023 peaks north of the 164.00 hurdle.

The continuation of the retracement from overbought levels appears on the cards for the time being. Against that, the cross could initially revisit the provisional 55-day SMA near 158.80 prior to the weekly low of 157.69 (October 30).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 152.68.

EUR/JPY daily chart