EURJPY trades slightly lower after forming a minor top around 163.87 (Aug 19th, 2024 high). It hit a low of 160.45 yesterday and is currently trading around 160.90.
The hawkish comments from the BOJ Deputy Governor put pressure on the pair at higher levels.
Technicals-
The pair is trading above 34- and 55 EMA in the hourly chart.
The near-term resistance is around 161.50 (200- H MA), a breach above targets 162.16/162.50/162.93. Major bullish continuation only above 163.87. The immediate support is at 160.78, any violation below will drag the pair to 160.40/160/158.95.
Indicator (hourly chart)
CCI (14)- Bullish
CCI (50)- Bearish
Average directional movement Index - neutral. All indicators confirm the mixed trend.
It is good to stay away.
