The EUR/JPY pared some of its gains as the Euro declined slightly ahead of US Fed monetary policy. It hit an intraday high of 163.87 and is currently trading around 163.20. The intraday outlook is bullish as long as the support of 161.50 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 164.20 a breakout here could lead to targets at 165/166.65/167.
- Immediate Support: At 163– if breached, the pair could fall to 160.40/ 162.30/161.80/160.75/59.70/159.25/158.85.
Indicator Analysis 4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest bullish trend
Trading Recommendation:
It is good to buy on dips around 163 with a stop loss at 162 for a TP of 165.
