EUR/JPY Price Analysis: Immediately to the upside aligns 131.90

• EUR/JPY regains upside traction and bounces off 129.30.
• The next up barrier comes at the weekly high at 131.90.

EUR/JPY reverses three consecutive daily retracements and regains some traction further north of the 130.00 mark on Tuesday.

Further recovery in EUR/JPY now faces a temporary hurdle at the 10-day SMA at 130.96. If cleared, then a potential test of the weekly high at 131.90 should start emerging on the horizon in the near term.

While above the 2-month line near 128.80, further upside in the cross should remain on the table in the very near term. On the longer term, the outlook for the cross is seen as negative as long as it trades below the 200-day SMA, today at 130.40.

EUR/JPY daily chart