EUR/JPY Price Analysis: Further recovery targets the 200-day SMA

• EUR/JPY adds to Monday’s bounce off the mid-128.00s.
• Further up comes the 200-day SMA around 129.70.

EUR/JPY posts gains for the second session in a row on Tuesday and looks to regain the 129.00 area and above on a sustainable fashion.

Following the rebound from the 128.50 area, the cross could now attempt to re-visit the always critical 200-day SMA around 129.70. Previously, there are some minor hurdle at the 129.25/30 band (10-, 20-day SMAs) and the 129.28/45 region, where the 55-day SMA and a Fibo level coincide.

The near-term outlook for the cross remains bearish while below the critical 200-day SMA, today at 129.72.

EUR/JPY daily chart