After being rejected from the area of 143.00 on Wednesday, EUR/JPY significantly reverses four consecutive daily advances and drops down below the 141.00 level.
Continued rise is still preferred in the short term despite the continued knee-jerk.
In opposition to that, the first upward resistance level is seen at the weekly high of 142.93 (December 28), which looks to be supported by the proximity of the 100-day SMA, which is now at 143.09.
While the EUR/JPY is trading above the 200-day SMA at 140.65, the outlook should continue favorable.
