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EUR/JPY gained sharply from minor bottom 162.13. It hit an intra day high of 162.96 and is currently trading around 162.96. Intraday outlook is bearish as long as the resistance 165 holds.
Technical Analysis:
The EUR/JPY pair is trading below 34, 55 EMA and above 200-H EMA on the hourly chart.
- Near-Term Resistance: Around 163.30 a breakout here could lead to targets at 163.70/164.20/165/166/166.65/167.
- 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): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 164 with a stop loss at 165.20 for a TP of 160.10
