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  • EUR/JPY is spiking to levels not seen since early January 2020. 
  • The level to beat for bulls is 122.77 resistance.

EUR/JPY four-hour chart

EUR/JPY is surging close to the 2020 highs as the positive market mood stay intact. EUR/JPY is challenging the 122.77 resistance as buyers remain in control. A break above the mentioned level can lead to further price appreciation towards the 123.21 and 123.86 levels in the medium-term. On the other hand, a retracement down could find some support near the 120.84 and 120.14 price levels initially. 
Resistance: 122.77, 123.21, 123.86
Support: 120.84, 120.14, 118.74

Additional key levels