EUR/JPY Price Analysis: Extra gains now look to the 200-day SMA

• EUR/JPY gives away some of the strong advance recorded midweek.
• Further upside could see the 200-day SMA revisited.

EUR/JPY comes under some mild pressure after two consecutive daily advances and retests the 128.00 neighbourhood.

In case the recovery picks up extra pace, the next barrier emerges at the temporary 20-day SMA 128.99 prior to the more relevant 200-day SMA, today at 130.07. If cleared, then the cross should re-focus on the weekly low at 131.90 (February 16).

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

EUR/JPY daily chart