EUR/JPY PRICE ANALYSIS: EXTRA GAINS FAVOURED ABOVE THE 200-DAY SMA
- EUR/JPY rebounds strongly and surpasses the 141.00 barrier.
- A convincing breakout of the 200-day SMA (140.74) allows for further upside.
EUR/JPY picks up strong upside traction and reverses the weekly consolidative theme, breaking above the critical 200-day SMA at the same time.
A sustainable breakout of the 200-day SMA, today at 140.74, should shift the outlook to a more constructive one and open the door to a probable visit to the key resistance area near 143.00 (high December 28, January 11).
On the downside, initial contention remains around the 138.00 zone for the time being.
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