EUR/JPY Price Analysis: Next on the downside comes the 100-day SMA

• EUR/JPY fades two consecutive daily drops on Wednesday.
• The resistance line around 140.00 caps the upside so far.

EUR/JPY manages to gather some upside traction around 138.00 on Wednesday.

In the meantime, the cross remains under pressure amidst the ongoing rebound from July lows in the 136.80 region (July 8). As long as the cross keeps trading below the 4-month resistance line around 140.00, extra losses should remain in the pipelie.

That said, further downtrend could revisit the 100-day SMA at 136.24 ahead of the minor support at 133.92 (low May 19).

In the longer run, the constructive stance in the cross remains well propped up by the 200-day SMA at 133.21.

EUR/JPY daily chart