EUR/JPY Price Analysis: Correction could see 130.00 re-tested

• EUR/JPY remains on the defensive below the 132.00 mark.
• Interim support comes in at the 100-day SMA at 130.76.

EUR/JPY extends the downtrend to the sub-132.00 levels on turnaround Tuesday.

Following the rejection from the 132.70 area, the cross sparked a move lower and remains poised to extend further south so far. Initial and interim support lines up at the 100-day SMA, today at 130.76 ahead of the monthly low in the 130.00 neighbourhood (June 21).

The daily RSI approaches the oversold territory, indicative that a potential rebound could be shaping up in the short-term horizon.

In the broader picture, while above the 200-day SMA at 127.83 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart