The EUR/JPY pared some of its gains after mixed PMI data. It hit an intraday high of 158.15 and is currently trading around 157.50. The intraday outlook is bearish as long as the resistance of 60.25 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 158.20 a breakout here could lead to targets at 158.70/159/160.25/161/161.50/162/163/163.60/164/165/166.65/167.
- Immediate Support: At 156.30– if breached, the pair could fall to 158/157/156.25/155.49/155.
Indicator Analysis (4-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 158 with a stop loss at 159
for a TP of 155.49/155.
