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EUR/JPY trades higher as Euro hits a seven-week high. It hit a high of 166.41 yesterday and is currently trading around 165.76. Intraday outlook is bullish as long as the support of 164.50 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 166.65 a breakout here could lead to targets at 167/167.75.
- Immediate Support: At 165.30 if breached, the pair could fall to 164.50/163.85/163.50/ 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 bullish trend
Trading Recommendation:
It is good to buy on dips around 165.35 with a stop loss at 164.50 for a TP of 167/168.
