EUR/JPY Price Analysis: Scope for extra upside near term

• EUR/JPY advances further and retakes 136.00 and beyond.
• Extra gains could see the 138.30 zone revisited in the short term.

EUR/JPY posts gains for the third consecutive session and manages to reclaim the area above 136.00 on Tuesday.

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 131.08, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart