EUR/JPY Price Analysis: Upside alleviated above 130.80

• EUR/JPY extends the weekly recovery to the 129.60 region.
• Interim up barrier comes at the 100-day SMA (129.88).

EUR/JPY adds to Wednesday’s advance further north of the 129.00 hurdle on Thursday.

In light of the recent price action, further recovery in the cross could be in the pipeline. Against this, there is a temporary barrier at the 100-day SMA at 129.88 prior to the more relevant 200-day SMA, today at 130.44. Further up comes the 3-month resistance line near 130.80, above which the cross could see its downside pressure mitigated.

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

EUR/JPY daily chart