EUR/JPY Price Analysis: Next on the upside comes 128.78

• EUR/JPY reclaims the 128.00 mark and above on Friday.
• Immediately to the upside comes the monthly high at 128.78.

EUR/JPY manages to clinch the second session with gains above the 128.00 yardstick at the end of the week.

If the rebound gathers extra pace, then the cross should face a minor hurdle at the 10-day SMA at 128.53 ahead of the more relevant monthly peak at 128.78 (December 1). Further up is located the interim hurdle at the 20-day SMA (129.31) prior to the weekly high at 129.60 (November 23). Above the latter, the downside pressure is expected to mitigate somewhat.

Looking at the broader picture, the outlook for the cross is expected to remain negative while below the 200-day SMA, today at 130.53.

EUR/JPY daily chhart