EUR/JPY Price Analysis: Further correction likely

• EUR/JPY climbs to new highs near 155.40 on Tuesday.
• Still overbought conditions prop up extra pullbacks.

EUR/JPY clinches a new 2023 peak near 155.40 just to slip back to the sub-155.00 region afterwards.

The cross remains overbought and against this backdrop, further retracement should not be ruled out in the short-term horizon.

In the longer run, the resumption of the uptrend should clear the YTD high to then refocus on the weekly top recorded in late September 2008 at 156.83, which precedes the key round level at 157.00.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 144.56.

EUR/JPY daily chart