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The EUR/JPY trades flat ahead of the ECB's monetary policy tomorrow. It hits a low of 161.28 and is currently trading around 162.25. The intraday outlook is bearish as long as the resistance at 163.30 holds.
Markets eye ECB monetary policy for further direction.
Technical Analysis:
The EUR/JPY pair is trading below 34, below 55 EMA, and 200-4H EMA in the 15 min chart.
- Near-Term Resistance: Around 162, a breakout here could lead to targets at 162.80/163.30/164.20/165/166.65/167.
- Immediate Support: At 161.25 if breached, the pair could fall to 161/160.50/160/ 159.25/158.85/158.25.
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 162.48-50 with stop loss at 163.30 for a TP of 158.50.
