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The EUR/JPY trades weak as demand for safe-haven increases. It hits an low of 159.63 yesterday and is currently trading around 159.96. The intraday outlook is bearish as long as the resistance 162.20 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 160.65 a breakout here could lead to targets at 161.30/162.20/ 162.60/163/163.36/164.20/165/166.65/167.
- Immediate Support: At 159.50– if breached, the pair could fall to 160/ 159.25/158.85/158.25.
Indicator Analysis 4-hour chart):
- CCI (50): Neutral
- Average Directional Movement Index: neutral
Overall, the indicators suggest mixed trend
Trading Recommendation:
It is good to sell on rallies around 161.25-30 with stop loss at 162.20 for a TP of 158.50.
