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):
- CCI (50): Bullish
- 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.
