EUR/JPY Price Analysis: Bullish view in place while above 138.80

• EUR/JPY reverses the recent weakness and regains 141.00 and beyond.
• Further gains look likely while above the 138.80 region.

EUR/JPY leaves behind four consecutive daily pullbacks and reclaims the area above the 141.00 yardstick on Monday.

The bullish bias in the cross remains well in place as long as the support line around 138.80 holds the downside. This area of contention is currently reinforced by the 55-day SMA. That said, the next target of note emerges at the 2022 peak at 144.27 (June 28).

In the longer run, the constructive stance in the cross remains well propped up by the 200-day SMA at 132.89.

EUR/JPY daily chart