EUR/JPY Price Analysis: Recovery initially targets 138.40

• EUR/JPY trades with decent gains after two daily drops in a row.
• If the rebound gathers pace, then the cross could revisit 138.40.

EUR/JPY leaves behind two consecutive daily pullbacks and advances beyond 136.00 the figure on Tuesday.

In case the recovery becomes more serious, then the cross should meet the next barrier at the 100-day SMA at 138.08 prior to the more relevant August peak at 138.39 (August 10).

While above the 200-day SMA, today at 133.94, the prospects for the pair should remain constructive.

EUR/JPY daily chart