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EUR/JPY trades weak despite strong Euro. It hit a low of 162.65 and is currently trading around 162.91. Intraday outlook is bearish as long as the resistance 165 holds.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 163.40 a breakout here could lead to targets at 163.70/164.20/165/166/166.65/167.
- Immediate Support: At 162.85 if breached, the pair could fall to 162/161.49/160.50/160/ 159.25/158.85/158.25.
Indicator Analysis 1-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 163.05-08 with a stop loss at 163.60 for a TP of 161.67.
