EUR/JPY Price Analysis: Interim top remains at 138.40

• EUR/JPY seems to have now moved into a consolidative phase.
• Immediately to the upside emerges the August high at 138.40.

EUR/JPY fades Friday’s advance and resumes the downside around the 137.00 region on Monday.

If the cross manages to break above the ongoing range bound theme, the so far August high at 138.39 (August 10) is expected to come into focus once again. Above the latter, EUR/JPY could attempt a move to the 55-day SMA, today at 139.36.

While above the 200-day SMA at 134.08, the prospects for the pair should remain constructive.

EUR/JPY daily chart