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The EUR/JPY gained slightly as Euro showed a minor pullback. It hits an low of 161.17 yesterday and is currently trading around 1612.25. Intraday outlook is bullish as long as the support 160.95 holds.
Technical Analysis:
The EUR/JPY pair is trading below 34, below 55 EMA and above 200-4H EMA on the 4- hour chart.
- Near-Term Resistance: Around 162.70 a breakout here could lead to targets at 163/163.30/164.20/165/166.65/167.
- Immediate Support: At 161 if breached, the pair could fall to 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 Mixed trend
Trading Recommendation:
It is good to buy on dips around 162 with stop loss at 161 for a TP of 163.20/164.
