• EURJPY adds to Friday’s strong advance and approaches 147.00.
• Further rebound is expected to target the YTD peak around 148.40.

EURJPY extends Friday’s marked bounce and pokes with the vicinity of the 147.00 region at the beginning of the week.

The continuation of the recovery looks favoured in the very near term and EURJPY could then retarget the 2022 top at 148.40 (October 21) ahead of the round level at 150.00.

In the short term the upside momentum is expected to persist while above the October lows near 141.00.

In the longer run, while above the key 200-day SMA at 137.78, the constructive outlook is expected to remain unchanged.

EURJPY daily chart