EURJPY formed double top around 161.20 and showed a minor decline. It hit a high of 161.194 yesterday and is currently trading around 160.88.
Euro showed a minor sell-off yesterday after weak Eurozone PMI data.
Technicals-
The pair trades above 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 161.20, a breach above targets 162/162.89. Intraday bias remains bullish as long as support 158.40 holds. Major bullish continuation only above 163.87. The immediate support is at 160 any violation below will drag the pair to 159.50/158.80/158.40/157.
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 buy above 161.20 with SL around 160.50 for a TP of 163.
