EUR/JPY Price Analysis: Immediately to the upside comes 131.15

• EUR/JPY corrects lower following Friday’s tops around 131.00.
• There is an interim hurdle at the Fibo level at 131.15.

EUR/JPY partially fades Friday’s strong advance after faltering once again around the 131.00 neighbourhood on Monday.

The recent breakout of the critical 200-day SMA (130.50) should prop up extra gains in the cross in the short-term horizon. That said, bulls now face the next minor barrier at the Fibo level (of the October-December drop) at 131.15. Further north is seen the 131.41 level (November 10) ahead of another Fibo level at 132.17.

While above the 200-day SMA, the outlook for EUR/JPY should point to extra gains.

EUR/JPY daily chart