EUR/JPY Price Analysis: Further gains target the 130.50 region

• EUR/JPY flirts with the 200-day SMA just above 129.00.
• Next on the upside comes in the 130.50 zone.

The recovery in EUR/JPY looks healthy and already challenges the key 129.00 neighbourhood, where sits the 200-day SMA.

In the meantime, the low-129.00s emerge as a decent resistance. In this area converge the 200-day SMA, the 20-day SMA and the 2021 line. The surpass of this zone could mitigate the downside pressure and prompt the cross to re-focus on the next target in the mid-130.00s.

Above the 200-day SMA (129.12), the outlook for EUR/JPY is seen as constructive.

EUR/JPY daily chart