EUR/JPY Technical Analysis: Upside momentum could now extend to the 200-day SMA at 129.84

• EUR/JPY has broken above the key short-term resistance line at 128.63 and is flirting with the base of the daily cloud.

• Downside pressure now appears somewhat alleviated and could allow for a visit to the key 200-day SMA, today at 129.84, ahead of November’s peaks beyond 130.00 the figure.

• Looking south, interim support emerges at the 10-day SMA at 128.74 ahead of monthly lows in the mid-127.00s.

EUR/JPY daily chart

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