EUR/JPY Loses Shine: Sell the Rallies Around 162.55?

The EUR/JPY lost its shine despite strong Euro. It hits an  high of 163.76 yesterday and is currently trading around 1632.34. 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 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: Neutral

Overall, the indicators suggest a Mixed  trend

Trading Recommendation:

It is good to sell on rallies around 162.55 with a stop loss at 163.20 for a TP of 160.