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EUR/JPY trades in a narrow range after a major pullback above 165. It hit a high of 165.45 yesterday and is currently trading around 165.06. Intraday outlook is bullish as long as the support of 163.85 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and above 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 165.50 a breakout here could lead to targets at 166/166.65/167.
- Immediate Support: At 164.50 if breached, the pair could fall to 163.85/163.50/ 163/162.75/162/161.49/160.50/160/ 159.25/158.85/158.25.
Indicator Analysis 4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest Mixed trend
Trading Recommendation:
It is good to buy on dips around 164 with stop loss at 163 for a TP of 166.50.
