• EURJPY’s recovery meets a tough hurdle around 147.00 so far.
• Next on the upside for EURJPY comes the 2022 high at 148.40.

EURJPY’s upside momentum seems to have met a solid resistance at the 147.00 neighbourhood so far this week.

Despite the ongoing knee-jerk, the continuation of the recovery looks favoured in the very near term and the cross could then target 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 137.87, the constructive outlook is expected to remain unchanged.

EURJPY daily chart