EUR/JPY Price Analysis: Further upside likely above the 200-day SMA

• EUR/JPY climbs sharply and pierces the 141.00 mark on Wednesday.
• The breakout of the 200-day SMA should restore the bullish outlook.

EUR/JPY picks up marked buying interest and trespasses the 141.00 barrier to clinch new multi-day highs on Wednesday.

The cross needs to clear the 200-day SMA in quite a convincing fashion to shift the outlook to a more constructive one, ideally in the very near term. Extra gains from here should revisit the key resistance area near 143.00 (high December 28, January 11).

This key up barrier also appears underpinned by the 55-day SMA (142.92) and the 100-day SMA (143.10).

EUR/JPY daily chart