EUR/JPY Price Analysis: Weekly support comes around 154.00

• EUR/JPY reverses two consecutive daily pullbacks on Wednesday.
• Current overbought conditions still sign potential declines ahead.

EUR/JPY regains composure and breaks above the key hurdle at 155.00 the figure on Wednesday.

While extra gains remain on the cards, the ongoing overbought conditions of the cross are indicative that further retracements 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 144.62.

EUR/JPY daily chart