EUR/JPY Price Analysis: Rising bets for a test of the 200-day SMA

• EUR/JPY remains well on the defensive and breaches 129.00.
• Further south comes in the 200-day SMA near 128.30

The weekly downside in EUR/JPY gathers extra steam and breaks below 129.00 for the first time since mid-March.

The loss of this area should allow for further downside. That said, there is a minor support at 128.54 (Fibo level) ahead of the critical 200-day SMA, today at 128.33.

Below the latter, the outlook for EUR/JPY is seen shifting to bearish (from constructive).

EUR/JPY daily chart