EUR/JPY Price Analysis: Bulls ready for bumpy ride above 132.00

• EUR/JPY extends bounce off 50% Fibonacci retracement to refresh intraday top.

• Two-week-old horizontal area, 100-SMA convergence guards immediate upside.

• MACD conditions, multiple upside barriers keep sellers hopeful.

EUR/JPY picks up bids to 132.43, up 0.11% intraday, during the early Fridays recovery moves.

Although the cross-currency pair justifies its U-turn from 50% Fibonacci retracement of the monthly downturn, the receding bullish bias of MACD and a bumpy ride ahead tests the pair buyers.

A confluence of 100-SMA and a horizontal region comprising multiple levels since June 11, around 132.65-70, challenges intraday buyers ahead of the 200-SMA level of 132.90.

During the EUR/JPY run-up beyond 132.90, the 133.00 threshold and a descending resistance line from June, near 133.25, will be the key to watch for the bulls.

Alternatively, the downside break of the 50% Fibonacci retracement level of 132.08, will need validation from the 132.00 round figure before the early week tops near 131.50 can return to the chart.

It should, however, be noted that the quotes downside break of 131.50 will drive EUR/JPY bears toward the monthly low near 130.00 psychological magnet.

To sum up, EUR/JPY recovery is likely to be challenged soon.