EUR/JPY Price Analysis: A move to the 200-day SMA not ruled out

• EUR/JPY adds to Thursday’s gains and regains the mid-129.00s.
• Immediately on the upside comes the 200d-day SMA near 129.80.

EUR/JPY looks firmer and advances for the second session in a row to the area well north of the 129.00 barrier on Friday.

The cross flirted with the 55-day SMA near 129.50 earlier in the session, where a Fibo level (of the June-August) also coincides. The continuation of the recovery faces a major resistance at the 200-day SMA at 129.76. Above the latter, the downside pressure is expected to mitigate somewhat.

In the meantime, the near-term outlook for the cross remains bearish while below the critical 200-day SMA, today at 129.76.

EUR/JPY daily chart