- EUR/JPY is consolidating after spiking to its highest point since July 2019.
- Resistance is seen at the 122.45 price level.
EUR/JPY daily chart
EUR/JPY is consolidating after spiking to its highest level since July 2019 last week. The market is trading just below the 122.00 handle while above the main daily simple moving average (DMAs).
EUR/JPY four-hour chart
The cross is forming a bull flag while above the main SMAs. The buyers want a daily close above the 122.45 resistance in order to resume the bullish move. However, a break below the 121.50 level could generate a deeper pullback down towards the 121.05 and 120.55 levels.
Additional key levels
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