EURJPY pared most of its gains on the strong yen. It hit a low of 158.10 at the time of writing and is currently trading around 158.92.
Intraday bias remains bearish as long as resistance 160 holds. The recovery from 155.15 was completed at 163.49 and major bullishness was only above 163.89.
Technicals-
The pair is trading above 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 160, a breach above targets 161.20/162/162.89/163.49. The immediate support is at 158.40 any violation below will drag the pair to 157/155.
Indicator (4- Hour chart)
CCI (50)- Bullish
Average directional movement Index - Neutral. All indicators confirm a bullish trend.
It is good to sell on rallies around 160 with SL around 161.20 for a TP of 155.25.
