EUR/JPY Price Analysis: Initial resistance turned up at 131.50

• EUR/JPY’s rally met a solid hurdle in the mid-131.00s.
• The short-term outlook points to the continuation of the uptrend.

EUR/JPY came under pressure following Tuesday’s new 2-month peaks around 131.50.

The recent breakout of the critical 200-day SMA should prop up extra gains in the cross in the short-term horizon. That said, the next resistance emerges at the so far YTD high at 131.49 (January 4) before a Fibo level at 132.17.

While above the 200-day SMA, today at 130.51, the outlook for EUR/JPY should point to extra gains.

EUR/JPY daily chart