EUR/JPY Price Analysis: Extra rebound could retest the mid-130.00s

• EUR/JPY’s advance ran out of legs in the mid-129.00s on Tuesday.
• Next on the upside comes the 200-day SMA near 130.50.

EUR/JPY gives away some gains following Monday’s sharp improvement.

In light of the recent price action, further recovery in the cross could be in the pipeline. Against this, there is an interim hurdle at the 100-day SMA at 129.87, just ahead of 130.08 (high January 20). The surpass of this area should put a move to the 200-day SMA, today at 130.46, back on the radar.

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

EUR/JPY daily chart