EURJPY recovered sharply as the yen weakens. It hit a high of 159.96 at the time of writing and is currently trading around 158.73.
Markets eye ECB President Lagarde for further direction.
Technicals-
The pair is trading above 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 159.50, a breach above targets 160/160.57/161. Overall bias remains weak as long as resistance 160 holds. Major bullish continuation only above 163.87. The immediate support is at 158.35, any violation below will drag the pair to 158/157.75/157.25/156.75.
Indicator (4- Hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Neutral. All indicators confirm a bullish trend.
It is good to sell on rallies around 159.15-20 with SL around 160 for a TP of 157.
