EURJPY surged sharply on the weak yen. It hit a high of 163.49 at the time of writing and is currently trading around 163.25.
Intraday bias remains bullish as long as support 161.90 holds.
Technicals-
The pair is trading above 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 163.89 (Aug 15th, 2024 high), a breach above confirms that decline from 175 was completed at 154.41. A jump to 164.85/166.50/167.31. The immediate support is at 162.70 any violation below will drag the pair to 162.30/161.50/160.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index - Bullish All indicators confirm a bullish trend.
It is good to buy on dips around 162.50 with SL around 161.90 for a TP of 167.
