EUR/JPY Price Analysis: Recovery has further legs to go

EUR/JPY keeps the bid bias unaltered and approaches 142.00.
The next target of note comes near 143.00 (December 28).

EUR/JPY advances for the third consecutive session and flirts with the 142.00 neighbourhood on Tuesday.

In light of the ongoing price action, further upside should not be ruled out in the short term. That said, the immediate up barrier appears at the weekly high at 142.93 (December 28), which appears reinforced by the proximity of the 100-day SMA, today at 142.99.

The outlook for EUR/JPY is expected to shift to constructive while above the 200-day SMA at 140.58.