The EUR/JPY trades in a narrow range after a pullback of more than 500 pips. It hit a high of 160.66 yesterday and is currently trading around 159.42. The intraday outlook is bearish as long as the resistance 161.60 holds.
Technical Analysis:
The EUR/JPY pair is trading above the 34,55 EMA and 200-4H EMA in the 8-hour chart.
- Near-Term Resistance: Around 160.75 a breakout here could lead to targets at 161.50/162/163/163.60/164/165/166.65/167
- Immediate Support: At 158.50– if breached, the pair could fall to 156.80/156/155.49/155/154.40.
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 159.75-80 with stop loss at 160.70 for a TP of 158 .
