EUR/JPY Price Analysis: Rebound likely to be short-lived

• EUR/JPY picks up pace and bounces off sub-128.00 area.
• Solid contention emerged in the 128.00 zone.

EUR/JPY so far reverses the multi-session pullback and meets dip buyers in the vicinity of the key 128.00 yardstick, sponsoring the move to 128.50/60.

Further upside faces interim hurdle at the 10-day SMA at 129.07 ahead of a Fibo level near 129.40. Extra gains are expected to challenge the 200-day SMA at 129.58. Above the latter, further gains are expected to re-target the psychological 130.00 mark and beyond.

While below the 200-day SMA the outlook for the cross should remain bearish for the time being.

EUR/JPY daily chart