EUR/JPY Price Analysis: Immediately to the upside comes 131.15
|- EUR/JPY corrects lower following Friday’s top at around 131.00.
- There is an interim hurdle at the Fibo level at 131.15.
EUR/JPY is partially fading Friday’s strong advance after faltering once again around the 131.00 neighbourhood on Monday.
The recent breakout of the critical 200-day SMA (130.50) should prop up extra gains in the cross over the short-term horizon. Bulls now face the next minor barrier at the Fibo level (of the October-December drop) at 131.15. Further north is seen the 131.41 level (November 10) ahead of another Fibo level at 132.17.
While above the 200-day SMA, the outlook for EUR/JPY should point to extra gains.
EUR/JPY daily chart
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