EUR/JPY Price Analysis: Further gains likely above 131.50

• The sharp rebound in EUR/JPY faltered around the 131.50 area.
• Next on the upside comes the 132.17 Fibo level.

EUR/JPY comes under pressure after briefly testing new highs in the 131.50/60 band on Wednesday.

The cross keeps the bid bias unchanged after breaking above the critical 200-day SMA in past sessions. That said, a move beyond the 131.50 zone should expose a visit to the next interim hurdle at the Fibo level (of the October-December drop) at 132.17.

While above the 200-day SMA, today at 130.52, the outlook for EUR/JPY should point to extra gains.

EUR/JPY daily chart

\