The EUR/JPY trades weak despite strong Euro. It hits an intraday low of 161.61 and is currently trading around 161.67. The intraday outlook is bearish as long as the resistance 163 holds.
Technical Analysis:
The EUR/JPY pair is trading below 34, below 55 EMA and 200-4H EMA in the one hour chart.
- Near-Term Resistance: Around 162.10 a breakout here could lead to targets at 162.70/163/163.30/164.20/165/166.65/167.
- Immediate Support: At 161.50 if breached, the pair could fall to 161/160.50/160/ 159.25/158.85/158.25.
Indicator Analysis 1-hour chart):
- CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest Mixed trend
Trading Recommendation:
It is good to sell on rallies around 162 with stop loss at 163 for a TP of 160.
