EUR/JPY Price Analysis: Decent contention emerges around 128.00

• EUR/JPY adds to Friday’s advance and regains 129.00.
•  Breakout of the 200-day SMA should alleviate the selling pressure.

The recovery in EUR/JPY manages to retake the key barrier at the 129.00 yardstick on Monday.

The cross is now flirting with the critical 200-day SMA just above 129.00. A surpass of the latter on a sustainable note should open the door to further gains in the short-term horizon.

That said, there is a minor hurdle around 129.30, where converges the 20-day SMA and the 2021 line (off January’s low) ahead of a Fibo level at 129.60.

EUR/JPY daily chart