EUR/JPY Price Analysis: The 129.50/60 band holds the downside… for now

• EUR/JPY manages to bounce off recent lows in the mid-129.00s.
• The loss of the 129.50 area should expose a move to 128.30.

The leg lower in EUR/JPY seems to have met some decent contention in the 129.50/60 band so far. In this area coincides recent lows and a Fibo level (of the January-June rally).

The loss of this area should expose further downside. That said, there is a minor support at 128.54 (Fibo level) ahead of the critical 200-day SMA, today at 128.30.

Above the latter, the broader outlook for the cross is seen as constructive for the time being.

EUR/JPY daily chart