EUR/JPY Price Analysis: Extra gains seen above 138.00

• EUR/JPY attempts to break above the multi-day consolidative theme.
• A test of the 2022 high around 140.00 remains on the cards.

EUR/JPY adds to the weekly recovery and manages to reclaim the area beyond the 138.00 hurdle at the end of the week.

If the cross surpasses the 138.00 area on a sustainable basis, then the door could open to a potential visit to the 2022 high at 140.00 (April 21). Beyond this level emerges the June 2015 high at 141.05.

In the meantime, while above the 200-day SMA at 130.87, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart