EUR/JPY Price Analysis: Upside remains capped by the 143.00 zone

• EUR/JPY corrects sharply lower and breaks below 141.00.
• The 143.00 area (high December 28) remains a tough hurdle for bulls.

EUR/JPY markedly reverses four consecutive daily advances and slips back below the 141.00 mark after being rejected from the vicinity of 143.00 on Wednesday.

Despite the ongoing knee-jerk, further upside remains favoured in the near term. Against that, the immediate up barrier appears at the weekly high at 142.93 (December 28), which appears reinforced by the vicinity of the 100-day SMA, today at 143.09.

The outlook for EUR/JPY should remain positive while above the 200-day SMA at 140.65.

EUR/JPY daily chart