EUR/JPY Price Analysis: Selling pressure alleviated above 130.56

• EUR/JPY keeps the consolidative mood unchanged above 129.00.
• Further upside could see the mid-130.00s re-tested.

The weekly recovery in EUR/JPY met some resistance near 129.00 on Thursday. Ideally, the cross needs to surpass this level in the very near term to allow for extra gains.

That said, there is a minor resistance in the 130.30 region, where coincide the 55-day SMA and a Fibo level (of the June-August drop), all ahead of the 130.56/67 band, where sits the July 29 high.

Above the 200-day SMA (129.18), the outlook for EUR/JPY is seen as constructive.

EUR/JPY daily chart