The EUR/JPY trades in a narrow range between 163.80 and 162.34 for the past 3 days. It hit an intraday high of 163.77 and is currently trading around 163.54. The bullish intraday outlook is maintained as long as the support of 159.80 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 164– a breakout here could lead to targets at 164.20,165 and 166.65.
- Immediate Support: At 162.30 – if breached, the pair could fall to 161.80/161/160/159/158.60/158.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend.
Trading Recommendation:
Consider buying on dips around 163, with a stop loss at 162.34, targeting to take profit levels at 165
