EUR/JPY Price Analysis: Recovery remains focused on 147.00

• EUR/JPY comes under pressure and breaks below 145.00.
• The next hurdle of note still emerges around 147.00 near term.

EUR/JPY fades the optimism seen at the beginning of the week and puts 145.00 to the test on turnaround Tuesday.

So far, the corrective rebound looks well in place and the cross should face initial resistance at the so far November high at 147.11 (November 9). Above the latter, the door could open to a more meaningful move to the 2022 peak at 148.40 (October 21).

In the longer run, while above the key 200-day SMA at 138.54, the positive outlook is expected to remain unchanged.

EUR/JPY daily chart