EUR/JPY Price Analysis: Extra gains look likely

• EUR/JPY fades Monday’s downtick and regains 131.00.
• Next to the upside comes 131.15 ahead of 131.41.

EUR/JPY quickly leaves behind the daily pullback recorded at the beginning of the week and now refocuses the attention to the 131.00 yardstick and above.

The recent breakout of the critical 200-day SMA (130.50) should prop up extra gains in the cross in the short-term horizon. That said, bulls now face the next minor barrier at the Fibo level (of the October-December drop) at 131.15 just before the 131.41 level (November 10) and then another Fibo retracement at 132.17.

While above the 200-day SMA, the outlook for EUR/JPY should point to extra gains.

EUR/JPY daily chart