- EUR/JPY rises strongly and pierces 141.00 on Wednesday.
- The breakout of the 200-day moving average should restore the bullish outlook.
EUR/JPY rebounds on strong buying interest and breaches the 141.00 barrier to set new multi-day highs on Wednesday.
The cross needs to break above the 200-day SMA convincingly to change the outlook to a more constructive one, ideally in the very short term. Further rally from here should revisit the key resistance zone near 143.00 (Dec 28 and Jan 11 high).
This key bullish barrier also seems to be supported by the 55-day SMA (142.92) and the 100-day SMA (143.10).
EUR/JPY day chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
