EUR/JPY Price Analysis: Struggles on the way to 130.00

• EUR/JPY retreats from intraday high after two-day uptrend.
• Bullish MACD, sustained trading above 200-DMA favor buyers.
• July low adds to the downside filters, bulls have a bumpy road to the north.

EUR/JPY eases from a three-day top to 129.68 amid a quiet Asian session on Tuesday. In doing so, the cross-currency pair fades upside momentum after rising for two consecutive days.

However a clear upside break of a seven-week-old falling trend line resistance, now support around 129.53, joins bullish MACD signals to keep buyers hopeful.

Also favoring the bulls is the pair’s successful trading above 200-SMA, around 129.30 by the press time.

Hence, the quote remains directed towards the 130.00 immediate hurdle but July’s top around 130.60 and 50% Fibonacci retracement of June–August downside near 131.05 could challenge the pair buyers afterward.

Alternatively, the resistance-turned-support line and 200-SMA, respectively around 129.50 and 129.30, guard short-term EUR/JPY declines. Also acting as the key downside filter is July’s low near 128.60.

Overall, EUR/JPY keeps bullish impulse intact until the quote drops below 129.30.

EUR/JPY: Daily chart

Trend: Further upside expected