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The EUR/JPY formed a double bottom near 161.50 and showed a minor pullback due to the weak yen. It hit an intraday high of 162.707 and is currently trading around 162.347. Intraday outlook is bearish as long as the resistance 164 holds.
Technical Analysis:
The EUR/JPY pair is trading below the 34,55 EMA and 200-4H EMA in the 4-hour chart.
- Near-Term Resistance: Around 163 a breakout here could lead to targets at 163.60/164/165/166.65/167.
- Immediate Support: At 161.50– if breached, the pair could fall to 160.95/159.70/158.80/157.76.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a mixed trend.
Trading Recommendation:
It is good to sell on rallies around 162.75-80 with stop loss at 164 for a TP of 160.
