EUR/JPY Price Analysis: Further gains keep targeting 138.30

• EUR/JPY adds to Friday’s advance and retakes the 135.00 yardstick.
• Further upside needs to clear the 138.30 region in the near term.

EUR/JPY extends the recovery further and manages to revisit the area just above 135.00 the figure on Monday.

If the recovery picks extra pace, then the cross could see the downside mitigated on a close above the May peak at 138.31 (May 9). The surpass of the latter should put a potential visit to the 2022 high at 140.00 (April 21) back on the radar.

In the meantime, while above the 200-day SMA at 131.05, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart