The EUR/JPY currency pair pared most of its gains on the weak Euro. It hit a low of 162.42 and is currently trading around 162.50.
Intraday bias remains bearish as long as resistance 163.89 holds. The pair remained within a narrow range of 163.61 and 158.09 and major bullishness only above 163.89.
Technicals-
The pair is trading below 34- and above 55 EMA and 365 hull moving average in the 4-hour chart.
The near-term resistance is around 163, a breach above targets 163.60/163.89/164.64/165/167.37 (61.8% fib retracement level from 175.41 and 154.40) The immediate support is at 162.40, any violation below will drag the pair to 161.90/161.20/160.65/160/159/158.35.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index - Neutral. All indicators confirm a mixed trend.
It is good to buy above 163.60 with SL around 162.95 for a TP of 165.
