EURJPY Price Analysis: The breakout of the consolidation exposes 147.00

• EURJPY fades Friday’s drop amidst erratic performance.
• Immediately to the upside comes the monthly highs near 147.00.

EURJPY resumes the upside above the key 145.00 mark at the beginning of the week.

If the corrective bounce becomes more serious, then 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 138.47, the constructive outlook is expected to remain unchanged.

EUR/JPY daily chart