• EUR/JPY alternates gains with losses around 139.00.
• Above 140.00 comes the 141.05 level (June 2015).

EUR/JPY seems to have moved into a consolidative phase following recent cycle peaks around 140.00 (April 21).

The continuation of the uptrend looks the most likely scenario for the time being, although some consolidation appears in the pipeline first. That said, if the cross clears 140.00, then the focus of attention will be on the June 2015 high at 141.05. Beyond this level, there are no hurdles of note until the 2014 high at 149.78 (December 2014).

In the meantime, while above the 200-day SMA at 130.52, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart