EUR/JPY Technical Analysis: Rising odds for extra gains near term

• EUR/JPY has resumed the upside so far this week, managing to leave behind Friday’s retracement and advance to 4-week tops beyond 118.00 the figure.
• The continuation of the up move now targets the key 55-day SMA at 119.65 ahead of the short-term resistance line at 119.98.
• Above this area the selling pressure should mitigate and allow for a squeeze higher to 121.38 (high July 31).

EUR/JPY daily chart