EURJPY Price Analysis: Recovery faces first hurdle around 147.00

• EURJPY erases some of the sharp pullback to the area below 143.00.
• If the bounce is higher, it could revisit the 147.00 area.

EURJPY manages to attract some after the drop and attempts a sharp rebound to the vicinity of the 145.00 barrier on Monday.

If the corrective bounce gains strength, the cross should face initial resistance at the November high of 147.11 (Nov 9). Breaking above this level could open the door for a more significant move towards the 2022 high at 148.40 (Oct 21).

In the longer term, as long as it is above the key 200 SMA at 138.14, the constructive outlook is expected to hold.

EURJPY day chart