EUR/JPY Price Analysis: Next on the upside comes the 55-day SMA

• EUR/JPY keeps pushing higher and trades around 138.00.
• Extra gains could challenge the 55-day SMA around 139.60.

EUR/JPY extends the uptrend for yet another session and gyrates around the 138.00 neighbourhood.

Considering the ongoing price action, further upside in the cross appears likely for the time being. That said, the next temporary target aligns at the 55-day SMAs, today at 139.61. If the cross clears this area, the door could then open to a probable visit to the July top at 142.32 (July 21).

While above the 200-day SMA at 133.84, the outlook for the cross is expected to remain constructive. This contention zone also appears underpinned by the proximity of the August low at 133.39 (August 2).

EUR/JPY daily chart