EUR/JPY Price Analysis: Decent contention remains near 161.20

• EUR/JPY prints humble gains in the 162.10/20 band midweek.
• Extra decline could see the 161.20 region revisited in the short term.

EUR/JPY sets aside two daily pullbacks in a row and manages to bounce off earlier lows in the 161.50 area on Wednesday.

The continuation of the downward bias carries the potential to drag the cross to the weekly low of 161.20/25 band (November 21) prior to the provisional 55-day SMA, today at 159.45.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA at 153.46.

EUR/JPY daily chart