EURJPY declined more than 100 pips from yesterday high 157.50. on strong Yen. It hit a low of 156.06 and is currently trading around 156.25.
ECB cuts rate by 25 bpbs as expected and President Lagarde reiterated further action would be data-dependent.
Technicals-
The pair trades below 34- and 55 EMA in the hourly chart.
The near-term resistance is around 156.78, a breach above targets 157/157.50/158.11. Overall bias remains weak as long as resistance 160 holds—major bullish continuation only above 163.87. The immediate support is at 156, any violation below will drag the pair to 155.68/154.88 (127.2% fib).
Indicator (hourly chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - bearish. All indicators confirm a bearish trend.
It is good to sell on rallies around 156.78-80 with SL around 157.50 for TP of 154.90.
