- EUR/JPY resumes gains and retests the area beyond 147.00.
- Next, the recent high at 148.40 (Oct 21) emerges.
EUR/JPY fades Friday’s sharp pullback and reclaims 147.00 barrier and higher earlier in the week.
Considering the current price action in the cross, the door still looks wide open for more upside. That said, the immediate target now comes in at the 2022 high at 148.40 (Oct 21) ahead of the Dec 2014 high at 149.78 (Dec 8).
In the short term, the bullish momentum is expected to persist as long as it is above the October lows near 141.00.
In the longer term, if it remains above the key 200 SMA at 136.92, the constructive outlook for the cross should remain unchanged.
EUR/JPY day chart
Source: Fx Street
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