• 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.

EUR/JPY daily chart