EUR/JPY Technical Analysis: Faces rejection near 200-hour SMA, bearish trend re-established

   •  The cross this week's goodish rebound from one-month lows and met with some fresh supply at 200-hour SMA, also coinciding with 38.2% Fibonacci retracement level of the 131.11-128.51 recent downfall.

   •  A modest pickup in safe-haven demand, amid some pressure around European equity markets, was seen as one of the key factors prompting fresh selling around the cross. 

   •  The 129.00 handle was a key area for bullish traders and the fact it has decisively broken below the mentioned support now seems to have re-established the near-term bearish trend. 

EUR/JPY 1-hourly chart

Spot rate: 128.79
Daily Low: 129.46
Trend: Bearish

Resistance
R1: 129.00 (congestion zone)
R2: 129.46 (200-period SMA H1)
R3: 130.00 (psychological round figure mark)

Support
S1: 128.51 (one-month low set on Monday)
S2: 128.09 (S3 daily pivot-point)
S3: 127.55 (horizontal zone)