• EURJPY adds to Tuesday’s decline, still below the 147.00 area.
• More range riding should not be ruled out in the short term.

EURJPY loses further momentum after rejection at 147.00 area earlier in the week.

The cross seems to have embarked on a consolidation phase, with the upper end of the range capped by the 147.00 area. A break of the latter should open the door for further gains until initially the 2022 high at 148.40 (Oct 21) ahead of the 150.00 level.

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, as long as it is above the key 200 SMA at 137.96, the constructive outlook is expected to hold.

EURJPY day chart