- EUR/JPY is correcting after spiking to its highest level since July 2019 last week.
- The level to beat for bulls is the 122.45 price level.
EUR/JPY daily chart
EUR/JPY is trading above the 121.00 handle and the 200-day simple moving average (DMA) for the fourth consecutive day as the buyers are trying to reverse the bear trend into a bullish one.
EUR/JPY four-hour chart
The bulls are testing the 122.45 resistance as the market trades well above the main SMAs. The cross would need a daily close above the resistance to attract further buying interest and potentially drive the market towards the 122.85 and 123.41 price levels, according to the Technical Confluences Indicator. However, a break below the 121.50 level could yield a deeper retracement down towards the 121.05 and 120.55 levels.
Additional key levels
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