EUR/JPY Price Analysis: The 200-day SMA still caps the upside

• EUR/JPY met some decent resistance above the 129.00 mark.
• Breakout of the 200-day SMA should alleviate the selling pressure.

The rebound in EUR/JPY has so far met quiet a tough hurdle just above 129.00 the figure, where also sits the critical 200-day SMA.

The cross now loses some momentum and exposes the resumption of the leg lower if it cannot surpass recent tops around 129.00, ideally in the very near term. Above this area, the selling pressure is seen mitigating somewhat, allowing for extra gains in the short-term horizon.

That said, there is a minor hurdle around 129.30, where converges the 20-day SMA and the 2021 line (off January’s low) ahead of a Fibo level at 129.60.

Above the 200-day SMA (129.09), the outlook for the cross is seen as constructive.

EUR/JPY daily chart