EUR/JPY Price Analysis: A visit to the 2022 high is not ruled out

• EUR/JPY reverses part of Monday’s gains beyond 137.00.
• Firm support remains around the 134.40 region.

EUR/JPY looks offered after two consecutive daily advances on Tuesday.

The cross managed to regain the 137.00 mark and above at the beginning of the week, although it closed below it. That said, further upside appears on the cards with the immediate target at the 2022 high at 137.54 (March 28) ahead of a probable visit to the August 2015 peak at 138.99 (August 15) and prior to the round level at 140.00.

In the meantime, while above the 200-day SMA at 130.22, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart