EUR/JPY Price Analysis: Near-term upside capped around 138.00

• EUR/JPY trades in an inconclusive note below 137.00 on Tuesday.
• Further side-lined trading remains in the pipeline near term.

EUR/JPY extends the bearish start of the week and drops to the sub-137.00 area on Tuesday.

The cross has likely moved into a consolidative phase awaiting for further catalysts in the short term. The continuation of the uptrend is a likely scenario in case the cross manages to surpass the 138.00 area. That said, the immediate hurdle still emerges at the 2022 high around 140.00 (April 21) prior to the June 2015 high at 141.05.

In the meantime, while above the 200-day SMA at 130.76, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart