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EUR/JPY breaks significant resistance at 164.20 after a long consolidation. It hit a high of 164.60 and is currently trading around 164.43. Intraday outlook is bullish as long as the support 163 holds.
Technical Analysis:
The EUR/JPY pair is trading above 34, below 55 EMA, and above 200-4H EMA on the 4-hour chart.
- Near-Term Resistance: Around 164.60 a breakout here could lead to targets at 165/166.65/167.
- Immediate Support: At 163.90 if breached, the pair could fall to 163.50/163/162/ 161.49/160.50/160/ 159.25/158.85/158.25.
Indicator Analysis 4-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest bullish trend
Trading Recommendation:
It is good to buy on dips around 163.90 with a stop loss at 163 for a TP of 166.65.
