Potential Reversal Zone (PRZ)- 162.38
The EUR/JPY currency pair has shown a range-bound behavior recently, with key levels and market sentiment influencing its movement. It hit a low of 161.90 the previous week and is currently trading around 163.07.
Intraday bias remains neutral 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 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 163.89/164.64/165/167.37 (61.8% fib retracement level from 175.41 and 154.40) 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 163 with SL around 162.37 for a TP of 165.
