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The EUR/JPY lost more than 500 pips from previous week top 164.17 as demand for safe-haven assets increases. It hits an low of 158.23 yesterday and is currently trading around 160.95. The intraday outlook is bearish as long as the resistance 161.50 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 160.95 a breakout here could lead to targets at 161.50/162/ 162.60/163/163.3/164.20/165/166.65/167.
- Immediate Support: At 160– if breached, the pair could fall to 159.70/159.25/158.85.
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 162 with a stop loss at 163.20 for a TP of 158.50.
