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EUR/JPY showed a minor pullback as Euro showed a minor strength. It hit an intraday low of 161.77 and is currently trading around 162.07. Intraday outlook is bearish as long as the resistance 165 holds.
Originally anticipated, the final German GDP growth rate for Q1 2025 was adjusted upward to 0.4% quarter-on-quarter, marking the greatest rise since Q3 2022. Strong manufacturing production, exports, and rising home consumption were the engines of this growth. Although March's greater economic activity shows a positive revision, the German economy yet saw a little annual contraction relative to Q1 2024, therefore stressing continuing structural and outside obstacles.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, 200, and above 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 162.60 a breakout here could lead to targets at 163.10/163.70/164.20/165/166/166.65/167.
- Immediate Support: At 161.75 if breached, the pair could fall to 161.49/160.50/160/ 159.25/158.85/158.25.
Indicator Analysis 4-hour chart):
- CCI (50): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 162.60-63 with sa top loss at 163.10 for a TP of 160.
