EUR/JPY Price Analysis: Decent support emerges around 128.30

• EUR/JPY manages to rebound from the 128.30 region.
• Further recovery now targets the key 130.00 level.

EUR/JPY regains some traction after bottoming out in multi-week lows around 128.30 on Friday.

In the meantime, as long as the cross navigates above the 127.75/80 band, where coincide the 50-day SMA and the short-term support line (off the November’s low), further gains should remain well on the cards in the near-term.

A break below the latter should alleviate the upside pressure and allow for the continuation of the downtrend, at least in the near-term view.

In the meantime, while above the 200-day SMA at 125.12 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart