EUR/JPY from 2-week lows to 4-day highs, tests 122.00

• Euro holds to gains supported by EZ economic data. 
• Yen weakens amid risk appetite but not enough to push EUR/JPY above 122.00.

The euro is posting gains across the board on Friday, supporting the EUR/JPY pair. Over the last hour, it lost strength but remains near the 122.00 area, with a bullish bias. 

Earlier today, the PMIs in the Eurozone surprised to the upside and offered a boost to the common currency that recovered from 2-week lows. It bottomed at 120.94 and since then gained more than a hundred pips. 

The move to the upside continued on the back of a weaker yen and higher equity prices in Wall Street. Recently peaked at 122.01, the highest level since Monday. As of writing trades at  121.80, around the same level it had a week ago. 

EUR/JPY Short-term levels to watch 

The 122.00 is a critical level (psychological / 20-day SMA). A break higher could lead to further gains. The next resistance levels might be seen at 122.40 (June 6 high) and 123.15/20 (Jun 11 high). On the flip side, support levels are located at 121.60, 121.10 (June 20 low) and 120.95 (June 21 low).