EUR/JPY Price Analysis: Gains remain limited by 138.40 so far

• EUR/JPY looks offered after two daily advances in a row.
• Next on the upside appears the August top at 138.40.

EUR/JPY corrects lower after bumping into the weekly resistance just below the 1380.00 yardstick on August 17.

In case the recovery becomes more serious, then the cross should meet the next barrier at the 100-day SMA at 138.13 prior to the more relevant August high at 138.39 (August 10). The upside is expected to gather fresh steam once the latter is cleared.

While above the 200-day SMA, today at 134.01, the prospects for the pair should remain constructive.

EUR/JPY daily chart