EUR/JPY Price Analysis: Downside pressure alleviated above 130.30

• EUR/JPY climbs to 3-day peaks around 129.60.
• The cross flirts with the 200-day SMA near 129.50.

EUR/JPY reverses three consecutive daily pullbacks and manages to reclaim the 129.50/60 band, where sits the critical 200-day SMA.

Further upside faces interim hurdle around the 129.70 region, where coincides the 20-, 55- and 10-day SMAs. Furthermore, the selling pressure is seen losing steam if the cross clears the short-term resistance line around 130.30, where also sits a Fibo level (of the June-August drop).

The sustainable break below the 200-day SMA should shift the outlook for EUR/JPY to bearish (from constructive).

EUR/JPY daily chart