EUR/JPY showed a minor sell-off as yen gains due to tariff uncertainty. It hits an high of 164.60 and is currently trading around 163.41. 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 a breakout here could lead to targets at 164.60/ 165/166.65/167.
- Immediate Support: At 163.40 if breached, the pair could fall to 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: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 163 with a stop loss at 162 for a TP of 165/166.65.
