EUR/JPY Price Analysis: Recovery now targets the 200-day SMA

• EUR/JPY bounces off lows near 129.00 on Thursday.
• The upside momentum looks to retests the 200-day SMA.

The intense multi-session pullback in EUR/JPY seems to have met a firm contention in the 129.00 neighbourhood so far.

The ongoing recovery initially targets the minor hurdle at the 100-day SMA at 130.14 ahead of the Fibo level (of the October rally) at 130.29. If this zone is cleared, then bulls are expected to shift the focus to the more significant 200-day SMA, today at 130.50.

Below the 200-day SMA, today at 130.50, the outlook for the cross is seen as negative.

EUR/JPY daily chart