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The EUR/JPY gained more than 300 pips in the past two days. It hit a high of 160.05 and currently trading around 159.85. The bearish intraday outlook is maintained as long as the resistance at 160.35 holds.
Technical Analysis:
The EUR/JPY pair is trading above the 55 EMA and below 34 EMA as well as the 365 Hull moving average on the 4-hour chart.
Near-Term Resistance: Around 160.35 a breakout here could lead to targets at 161, 161.75, 162, 163, and 164.18.
Immediate Support: At 159.35 – if breached, the pair could fall to 158.80/158/157.55/156.95/156.40/155.51.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest a continuation of the bearish trend.
Trading Recommendation:
Consider buy on dips around 159.35-37 with a stop loss at 158.40, targeting take profit levels at 161.75.
