EUR/JPY Price Analysis: The 200-day SMA offers support so far

• EUR/JPY met some contention in the 200-day SMA near 119.50.
• A breach of the 200-day SMA should open the door to extra losses.

Following a brief test of new 4-week lows near 119.30, EUR/JPY has managed to regain some poise and is now back to the boundaries of 120.00 the figure.

If the 200-day SMA in the mid-119.00s is breached on a convincing mood, that should pave the way for a deeper pullback in the near-term. That said, there are interim supports at the 100-day and the 55-day SMAs at 118.72 and 118.24, respectively.

In the meantime, the buying bias is expected to return to the market above the 200-day SMA.

EUR/JPY daily chart