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EUR/JPY lost its shine on the strong yen. It hit a low of 161.12 at the time of writing and is now trading around 161.127. The intraday outlook is bearish as long as the resistance 163 holds.
The Japanese yen gained momentum on easing US treasury yields and BOJ rate hike hopes.
Technical Analysis
The pair is currently below the 34- and 55 EMA, as well as the 365 Hull moving average on the 4-hour chart.
Near-Term Resistance: Around 162. A breakout here could lead to targets of 163/164.18/165.
Immediate Support: At 160.80. If this level is breached, the pair could drop to 160/ 159, or 158.10.
Indicator Analysis (4-hour chart)
- CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, indicators suggest a bearish trend.
Trading Recommendation
Consider selling on rallies around 162, with a stop loss at 163, aiming to take profit levels at 158.15.
