EUR/JPY Price Analysis: Still scope for further rebound

• EUR/JPY resumes the downside following Tuesday’s downtick.
• Next on the upside comes the 200-day SMA near 130.50.

EUR/JPY trades in the upper end of the weekly range further north of the key 129.00 hurdle midweek.

In light of the recent price action, further recovery in the cross could be in the pipeline in the short term. Against this, there is an interim hurdle at the 100-day SMA at 129.88, just ahead of 130.08 (high January 20). The surpass of the latter should put a move to the 200-day SMA, today at 130.45, back on the radar.

While below the 200-day SMA, the outlook for the cross is expected to remain negative.

EUR/JPY daily chart