- EUR/JPY loses steam on Monday after rising to 137.60.
- The cross could face some consolidation in the short term.
EUR/JPY is unable to sustain the initial rally to the 137.60 region at the start of the week.
The cross could move into a consolidation phase in the very short term before the possible continuation of the uptrend. Against that, the immediate hurdle emerges at the 2022 high around 140.00 (April 21). If cleared, EUR/JPY should center around June 2015 high at 141.05. Beyond this level, there is no hurdle to watch until the 2014 high of 149.78 (Dec 2014).
Meanwhile, if it remains above the 200-day SMA at 130.72, the outlook for the cross is expected to remain constructive.
EUR/JPY day chart
Source: Fx Street
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