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The EUR/JPY showed a minor pullback after forming a minor bottom of 155.80.B. It hit a low of 156.31 and is currently trading around 156.71. The intraday outlook is bearish as long as the resistance 160.25 holds.
The February 2025 German Ifo Business Climate Index stayed relatively unchanged at 85.2, below expectations of 85.9. Manufacturing keeps falling, with the service sector improving. The index indicates sustained economic stagnation and cautious business sentiment, as only 12.6% of companies predict improved conditions. This stability should have a flat effect on the Euro, awaiting dramatic changes in business sentiment to affect investor sentiment. The index indicates sustained nervousness in businesses, with forecasters anticipating that it will track around 85 points in the short term.
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 157.50 a breakout here could lead to targets at 158/158.70/160.25/161/161.50/162/163/163.60/164/165/166.65/167.
- Immediate Support: At 156.30– if breached, the pair could fall to 155.49/155.
Indicator Analysis (4-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: bearish
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 157.50 with a stop loss at 158.20 for a TP of 155.49/155.
