EUR/JPY Price Analysis: Extra recovery now targets the 55-day SMA

• EUR/JPY adds to the ongoing rebound and retakes 138.00.
• Further upside could see the 55-day SMA near 138.90 retested.

EUR/JPY extends recent gains and reclaims the area above the 138.00 mark at the beginning of the week.

The continuation of the uptrend initially targets the August high at 138.39 (August 10) ahead of the temporary 55-day SMA, today at 138.89. The surpass of this level should shift the attention to the weekly peak at 142.32 (July 21).

While above the 200-day SMA at 134.27, the prospects for the pair should remain constructive.

EUR/JPY daily chart