EUR/JPY Price Analysis: Consolidative for longer?

• EUR/JPY adds to Monday’s pullback above the 136.00 barrier.
• Bullish attempts remain capped by the August high at 138.40.

EUR/JPY extends the bearish start of the week, although it manages to bounce off earlier lows in the 135.70 region.

If the cross manages to break above the ongoing consolidation, 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 139.26.

While above the 200-day SMA at 134.12, the prospects for the pair should remain constructive.

EUR/JPY daily chart