EUR/JPY Price Analysis: Another move to 129.50 stays on the table

• EUR/JPY navigates the lower end of the range above 130.00.
• Further upside should not be ruled out in the near term.

The weekly leg lower in EUR/JPY seems to have met some contention in the vicinity of the 130.00 support so far.

The loss of this area should expose further downside and the probable test of the monthly lows in the mid-129.00s in the short-term horizon.

The broader outlook for the cross is seen as constructive while it trades above the 200-day SMA, today at 128.25.

EUR/JPY daily chart