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  • EUR/JPY is on the rise trading trading at three-week’s high. 
  • The level to beat for buyers is the 121.40 resistance.
 

EUR/JPY daily chart

 
EUR/JPY is reversing up sharply from four-month lows while trading above the main daily simple moving averages (SMAs).
 

EUR/JPY four-hour chart

 
The spot reversed up sharply from the 2020 lows and is now challenging the 121.40 resistance while trading above the main SMAs on the four-hour chart. Bulls are in control and a break above the above-mentioned level can lead to further upside towards the 121.74 and 122.20 levels. On the flip side, a pullback down can find support near the 121.00 and 120.47 levels, according to the Technical Confluences Indicator.    
 
 
Resistance: 121.40, 121.74, 122.20
Support: 121.00, 120.47, 120.00
 

Additional key levels

 

Expert score

5

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