• EUR/JPY navigates within an inconclusive range on Monday.
• The 139.85 region caps the upside for the time being.

EUR/JPY alternates gains with losses in the mid-138.00s at the beginning of the trading week.

In the meantime, the cross remains under pressure amidst the ongoing rebound from July lows in the 136.80 region (July 8). As long as the cross keeps trading below the 4-month resistance line near 139.85, extra losses should remain in the pipelie.

That said, further downtrend could revisit the 100-day SMA at 136.09 prior to the minor support at 133.92 (low May 19).

In the longer run, the constructive stance in the cross remains well propped up by the 200-day SMA at 133.12.

EUR/JPY daily chart