• EURJPY reverses two daily advances in a row on Friday.
• Further upside is still expected to meet resistance around 147.00.

EURJPY gives away some ground following an earlier bullish attempt to the 145.50 region at the end of the week.

If the corrective bounce becomes more serious, 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 meantime, further gains look in store in the near term as long as the cross navigates above the 3-month support line near 141.20. This area of contention is also propped up by the October lows in the 141.00 region.

In the longer run, while above the key 200-day SMA at 138.40, the constructive outlook is expected to remain unchanged.

EURJPY daily chart