Potential Reversal Zone (PRZ)- 162.50
EURJPY formed double top around 163.60 and showed a minor sell-off. It hit a low of 162.97 at the time of writing and is currently trading around 163.10.
Intraday bias remains bullish as long as support 162.40 holds. The pair is under pressure due to a weak Euro and major bullishness only above 163.89.
Technicals-
The pair is trading above 34- and 55 EMA and below the 200 and 365 hull moving averages in the hourly chart.
The near-term resistance is around 163.60, a breach above targets 163.89/164.64/165. The immediate support is at 162.90, any violation below will drag the pair to 162.40/161.90/161.20/160.65/160/159/158.35.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index - Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 162.88-90 with SL around 162.37 for a TP of 165.
