EUR/JPY Price Analysis: Immediately to the upside comes 139.00

• EUR/JPY breaks above the 138.00 mark to clinch new highs.
• The rally now targets the 139.00 mark in the near term.

EUR/JPY has quickly left behind the 138.00 barrier and records new YTD peaks around 138.80 on Tuesday.

Further upside thus appears on the cards with the immediate target at the August 2015 high at 138.99 (August 21) prior to the round level at 140.00. Further up is seen the June 2015 peak at 141.05 (June 4).

In the meantime, while above the 200-day SMA at 130.38, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart