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The EUR/JPY gained above 162 as the yen weakened. It hit an intraday high of 162.43 and is currently trading around 162.23. The intraday outlook is bullish as long as the support of 160.70 holds.
Technical Analysis:
The EUR/JPY pair is trading above the 34,55 EMA and 200-4H EMA in the 4-hour chart.
- Near-Term Resistance: Around 163.05 a breakout here could lead to targets at 164.20/165/166.65/167.
- Immediate Support: At 161.50– if breached, the pair could fall to 160.40/ 160.75/59.70/159.25/158.85.
Indicator Analysis 4-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 162.48-50 with stop loss at 163.20 for a TP of 160.
