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EUR/JPY Price Analysis: Euro bounces from 2020 lows and challenges 121.00 figure

  • EUR/JPY is bouncing from four-month lows. 
  • The level to beat for bulls is the 121.43 resistance.

EUR/JPY daily chart

EUR/JPY is reversing up from four-month lows while trading off the 50-day simple moving average (SMA).

EUR/JPY four-hour chart

The spot bounced from the 2020 lows and is now challenging the 121.00 figure and the 200 SMA on the four-hour chart. Bulls are for now remaining in control as the reversal up was quite sharp. A break above 121.43 can lead to further upside towards the 121.80 and 122.18 levels. On the flip side, retracements down may find support near the 120.55 and 120.04 levels, according to the Technical Confluences Indicator.    
Resistance: 121.43, 121.80, 122.18
Support: 120.55, 120.04, 119.79

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