EURJPY Price Analysis: Recovery faces initial hurdle around 147.00

• EURJPY fades part of the sharp pullback to the sub-143.00 area.
• Further rebound should see the 147.00 region revisited.

EURJPY manages to lure some dip buyers in and attempt a marked bounce to the vicinity of the 145.00 hurdle on Monday.

If the corrective bounce gathers extra steam, then the cross should face initial resistance at the so far November high at 147.11 (November 9). The surpass of this level could open the door to a more meaningful move to the 2022 peak at 148.40 (October 21).

In the longer run, while above the key 200-day SMA at 138.14, the constructive outlook is expected to remain unchanged.

EURJPY daily chart