EUR/JPY Price Analysis: Recovery targets the 200-day SMA

EUR/JPY adds to Wednesday’s and retests 129.00.
Next on the upside comes the 200-day SMA at 129.60.

EUR/JPY advances for the second session in a row and briefly tests the area just above 129.00 the figure on Thursday.

Further upside faces interim hurdle at the Fibo level near 129.40 and the 55-day SMA at 129.53. Further up aligns the critical 200-day SMA at 129.60. Above the latter, further gains are expected to re-target the psychological 130.00 mark and beyond amidst declining selling pressure.

While below the 200-day SMA the outlook for the cross should remain bearish for the time being.

EUR/JPY daily chart

Sep 23, 2021

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