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EUR/JPY gained sharply on board-based yen weakness. It hits an high of 164.67 and is currently trading around 164.34. Intraday outlook is bullish as long as the support 163 holds.
Technical Analysis:
The EUR/JPY pair is trading above 34, 55 EMA and above 200-4H EMA on the 4- hour chart.
- Near-Term Resistance: Around 165 a breakout here could lead to targets at 166/166.65/167.
- Immediate Support: At 163.75 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 163.70 with sa top loss at 163 for a TP of 166.65.
