EURJPY consolidating in a narrow range between 157.40 and 158.73 for the past two days. It hit a low of 157.99 at the time of writing and is currently trading around 158.103.
Technicals-
The pair trades below 34- and 55 EMA in the hourly chart.
The near-term resistance is around 158.40 ( 55-H EMA), a breach above targets 158.72/159.35/159.68. Intraday bias remains weak as long as resistance 160 holds—major bullish continuation only above 163.87. The immediate support is at 157.80, any violation below will drag the pair to 157.40/156.60/156.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bearish
Average directional movement Index - Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 159 with SL around 160.15 for a TP of 154.51.
