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The EUR/JPY trades weak despite upbeat German ZEW sentiment. It hit a low of 158.52 and is currently trading around 158.71. The intraday outlook is bearish as long as the resistance of 160.25 holds.
Germany's ZEW Economic Sentiment Index, which measures investor and analyst confidence, increased significantly in February to 26.0, much higher than expectations. It suggests that individuals are a great deal more optimistic about the German economy than they were in January
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 159.30 a breakout here could lead to targets at 160.25/161/161.50/162/163/163.60/164/165/166.65/167
- Immediate Support: At 158.50– if breached, the pair could fall to 158/157/156.25.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 160 with stop loss at 161.20 for a TP of 157.75.
