EUR/JPY Price Analysis: Further upside could retest the 55-day SMA

• EUR/JPY looks offered after two daily advances in a row.
• Next on the upside appears the August top at 138.40.

EUR/JPY extends the weekly recovery and already flirts with the 138.00 neighbourhood on Friday.

If the cross clears the so far August high at 138.39 (August 10) it should allow for losses to accelerate further and revisit the temporary barrier at the 55-day SMA, today at 139.44.

While above the 200-day SMA at 134.05, the prospects for the pair should remain constructive.

EUR/JPY daily chart