EUR/JPY pared some of its due to profit-booking. It hit a high of 165.21 and is currently trading around 164.32. Intraday outlook is bullish as long as the support 163 holds.
The April 2025 German Final Consumer Price Index (CPI) rose by 0.4% month on month, as initially forecasted, after rising by 0.3% in March 2025. The rise is due to a mix of factors that tempered the sharp drop in energy prices and was supported by steady rises in food prices and service charges.
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 164.85 a breakout here could lead to targets at 165.25/166/166.65/167.
- 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: Neutral
Overall, the indicators suggest mixed trend
Trading Recommendation:
It is good to buy on dips around 163.70 with a stop loss at 163 for a TP of 166.65.
