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The EUR/JPY trades in a narrow range between 163 and 161.36 for the past four days. It hits an intraday high of 162.18 and is currently trading around 161.93. The intraday outlook is bullish as long as the support 160.70 holds.
Technical Analysis:
The EUR/JPY pair is trading above the 34,55 EMA and 200-4H EMA in the 4-hour chart.
- Near-Term Resistance: Around 162.60 a breakout here could lead to targets at 163.10/164.20/165/166.65/167.
- Immediate Support: At 161.50– if breached, the pair could fall to 160.40/ 160.75/59.70/159.25/158.85.
Indicator Analysis 4-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 162.48-50 with stop loss at 163.20 for a TP of 160.
