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EUR/JPY trades flat ahead of German CPI data. It hits an intraday high of 162.48 and is currently trading around 162.38. Intraday outlook is bullish as long as the support 160.95 holds.
Technical Analysis:
The EUR/JPY pair is trading below 34, below 55 EMA and above 200-4H EMA on the 4- hour chart.
- Near-Term Resistance: Around 163.20 a breakout here could lead to targets at 163.75/164.20/165/166.65/167.
- Immediate Support: At 161.70 if breached, the pair could fall to 161.49/160.50/160/ 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 163.20 with stop loss at 164.20 for a TP of 160.
