EUR/JPY Price Analysis: Initial resistance turned up near 130.50

• EUR/JPY’s upside momentum stalled around the mid-130.00s.
• Immediately to the upside comes the 130.80 zone.

EUR/JPY slips back to the negative territory after five consecutive daily sessions closing with gains on Wednesday.

The cross met some selling pressure around 130.50 earlier in the session and sparked a corrective pullback soon afterwards. This area of resistance is underpinned by the proximity of the Fibo level at 130.29. Further up from here, the next target should turn up at monthly highs in the 130.80 zone, coincident with the 100-day SMA.

Above the 200-day SMA at 129.67 the outlook for the cross is expected to return to the constructive side.

EUR/JPY daily chart