The EUR/JPY pared some of its gains from a minor top of 158.46. It hit an intraday low of 155.92 and is currently trading around 157.18. The intraday outlook is bullish as long as the support of 155.90 holds.
European leaders, led by UK Prime Minister Keir Starmer and French President Emmanuel Macron, are collaborating with Ukrainian President Volodymyr Zelenskyy to come up with a structured peace plan for Ukraine, prompted by concern regarding American commitment after a dispute between Presidents Trump and Zelenskyy. The strategy includes a "coalition of the willing" to ensure Ukrainian participation in the talks, a four-phase plan with continued support and security guarantees, and a proposed one-month ceasefire. While other European nations are likely to be engaged, the plan depends on securing U.S. participation, which is uncertain, especially given Russia's refusal of external intervention in peace talks
Technical Analysis:
The EUR/JPY pair is trading below the 34,55 EMA and 200-4H EMA in the 8-hour chart.
- Near-Term Resistance: Around 158.50 a breakout here could lead to targets at 159/160.25/161/161.50/162/163/163.60/164/165/166.65/167.
- Immediate Support: At 155.80– if breached, the pair could fall to 155.49/155/154.40.
Indicator Analysis 4-hour chart): - CCI (50): Neutral
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 156.25-30 with a stop loss at 155.70 for a TP of 158.
