EUR/JPY showed a minor pullback as yen weakened. It hit an high of 163.66 and is currently trading around 163.46. Intraday outlook is bullish as long as the support 161.50 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 if breached, the pair could fall to 162.38/ 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 with a stop loss at 162 for a TP of 165/166.65.
