EUR/JPY Price Analysis: Initial hurdle emerged at 128.50

• EUR/JPY’s rally meets a tough resistance in the mid-128.00s.
• Further up emerges the psychological resistance at 130.00.

Following new YTD peaks in the 128.50 zone, EUR/JPY sparks a corrective downside back to the sub-128.00 yardstick on Wednesday.

In case the uptrend resumes in the near-term, the next resistance of note should emerge at the 129.30 zone (November 29/December 13 2018 highs) ahead of the psychological hurdle at 130.00. Further up comes in monthly peaks at 130.14 (November 7 2018).

Reinforcing the idea of further upside, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) near 126.40.

Looking at the broader picture, while above the 200-day SMA at 123.83 the outlook for the cross should remain constructive.

EUR/JPY daily chart