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EUR/JPY lost its shine as the yen gained momentum. It hit a high of 165.12 and is currently trading around 163.28. 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 163.70 a breakout here could lead to targets at 164.20/165/166/166.65/167.
- Immediate Support: At 163 if breached, the pair could fall to 162.38/ 161.49/160.50/160/ 159.25/158.85/158.25.
Indicator Analysis 4-hour chart):
- CCI (50): Bearish
- Average Directional Movement Index: Bearish
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
