EURJPY Price Analysis: Outlook remains positive above 141.00

• EURJPY fades part of Wednesday’s uptick and drops from 145.00.
• The 3-month support line near 141.00 holds the downside.

EURJPY comes under pressure soon after surpassing the key 145.00 barrier on Thursday.

If the corrective bounce gathers extra steam, then the cross should face initial resistance at the so far November high at 147.11 (November 9). The surpass of this level could open the door to a more meaningful move to the 2022 peak at 148.40 (October 21).

In the meantime, further gains look in store in the near term as long as the cross navigates above the 3-month support line near 141.20. This area of contention is also propped up by the October lows in the 141.00 region.

In the longer run, while above the key 200-day SMA at 138.33, the constructive outlook is expected to remain unchanged.

EURJPY daily chart