EUR/JPY Climbs as Safe-Haven Demand Wanes: Buy the Dip Strategy in Play?

The EUR/JPY gained as demand for safe-haven assets decreases. It hits an  high of 163.74 yesterday and is currently trading around 163.16. Intraday outlook is bullish  as long as the support 160.95  holds.

Technical Analysis:

The EUR/JPY pair is trading above  34, below 55 EMA and above 200-4H EMA  on the 4- hour chart.

• Near-Term Resistance: Around 163.75  a breakout here could lead to targets at 164.20/165/166.65/167.
   
• Immediate Support: At 162.40 if breached, the pair could fall to 161.49/160.50/160/  159.25/158.85/158.25.
  
  Indicator Analysis 4-hour chart):

1. CCI (50): Bullish
2. Average Directional Movement Index: Bullish

Overall, the indicators suggest a Mixed  trend

Trading Recommendation:

It is good to buy on dips around 162.90 with a stop loss at 162.40 for a TP of 164.