EUR/JPY Price Analysis: Interim support emerges at 138.00

• EUR/JPY adds to Monday’s gains north of the 139.00 hurdle.
• Immediately to the upside now comes the 200-day SMA.

EUR/JPY advances for the second session in a row and extends the breakout of the 138.00 yardstick on Tuesday.

Last week’s pronounced pullback appears to have met quite solid support in the 138.00 neighbourhood for the time being. The subsequent rebound looks healthy and initially targets the key 200-day SMA, today at 140.70.

The outlook for EUR/JPY should remain negative while below the 200-day SMA.

EUR/JPY daily chart