EURJPY Price Analysis: Further recovery looks likely

EURJPY climbs to so far weekly highs near 145.50 on Wednesday.
Extra upside could target the November peaks around 147.00.

EURJPY quickly fades Tuesday’s pullback and regains the 145.00 barrier and above, reaching fresh multi-session highs on Wednesday.

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 138.27, the constructive outlook is expected to remain unchanged.

EURJPY daily chart

Nov 16, 2022

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