EUR/JPY Price Analysis: Near-term target remains at 138.30

• EUR/JPY meets quite a tough barrier near 136.80.
• Further gains are expected to challenge the May highs.

EUR/JPY partially reverses Monday’s strong advance and comes under pressure following another failed attempt to surpass the 136.80 region.

If the cross manages to leave behind the weekly highs in the 136.70/80 band, then it could attempt to challenge the May high at 138.31 (May 9) prior to the 2022 peak at 140.00 (April 21).

In the meantime, while above the 200-day SMA at 131.24, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart