EUR/JPY Price Analysis: Next support comes at 129.43

• EUR/JPY remains under heavy pressure and breaches 130.00.
• Further retracement targets the Fibo level near 129.40.

EUR/JPY’s decline appears to have met some contention near 129.60, or fresh 5-week lows on Tuesday.

A deeper pullback below 129.60 looks likely in the very near term and could force the cross to visit the next Fibo level (of the October rally) at 129.43. Below this level there are no significant stops until October’s low at 128.33 (October 6).

Below the 200-day SMA, today at 130.48, the outlook for EUR/JPY is seen as negative.

EUR/JPY daily chart