- EURJPY reverses direction after two straight daily gains on Friday.
- If it continues to rise, it is expected to find resistance around 147.00.
EURJPY is giving up some ground after a previous bullish attempt, to the 145.50 zone at the close of the week.
If the corrective bounce deepens, the cross should face initial resistance at the November high at 147.11 (9 Nov). Breaking above this level could open the door for a more significant move towards the 2022 high at 148.40 (21 Oct).
Meanwhile, more near-term gains look possible as long as the cross sails above the three-month support line near 141.20. This containment zone is also underpinned by the October lows in the 141.00 area.
Longer term, as long as it is above the 200 SMA at 138.40, the constructive outlook is expected to hold.
EURJPY day chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
