EUR/JPY Price Analysis: Further upside likely near term

• EUR/JPY extends the recovery to the vicinity of 138.00 on Monday.
• Further up now emerges the interim 55-day SMA around 139.50.

EUR/JPY keeps pushing higher and already surpasses the 138.00 mark on Tuesday, up for the sixth consecutive session.

Considering the ongoing price action, further upside in the cross appears likely for the time being. That said, the next temporary target aligns at the 55-day SMAs, today at 139.57. If the cross clears the latter, the door could then open to a probable visit to the July top at 142.32 (July 21).

While above the 200-day SMA at 133.82, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart