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The EUR/JPY declined slightly after a jump of nearly 400 pips. It hits an high of 162.19 yesterday and is currently trading around 161.03. The intraday outlook is bearish as long as the resistance 162.20 holds.
Technical Analysis:
The EUR/JPY pair is trading below the 34,55 EMA and 200-4H EMA in the 4-hour chart.
- Near-Term Resistance: Around 161.25 a breakout here could lead to targets at 161.50/162.20/ 162.60/163/163.36/164.20/165/166.65/167.
- Immediate Support: At 160.80– if breached, the pair could fall to 160/ 159.70/159.25/158.85.
Indicator Analysis 4-hour chart): - CCI (50): Neutral
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 162 with a stop loss at 163.20 for a TP of 158.50.
