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The EUR/JPY breaks significant trendline support at 162.50 after a long consolidation on the strong yen. It hit a low of 162.20 and is currently trading around 162.24. The bearish intraday outlook is maintained as long as the resistance support 163.50 holds.
Technical Analysis:
The EUR/JPY pair is trading below the 55 EMA and 34 EMA as well as the 200 EMA in the hourly chart.
- Near-Term Resistance: Around 162.80– a breakout here could lead to targets at 163.20/163.55/163.85/164.70.
- Immediate Support: At 162 – if breached, the pair could fall to 161/159.80/159/158.60/158.
Indicator Analysis (4-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a bearish trend.
Trading Recommendation:
Consider sell on rallies 162.50, with a stop loss at 163 for a TP of 160.
