EUR/JPY pared some of its gains on the strong yen. It hit an intraday low of 163.05 and is currently trading around 163.25. Intraday outlook is bearish as long as the resistance 164.25 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 163.85 a breakout here could lead to targets at 164.30/165/166/166.65/167.
- Immediate Support: At 162.80 if breached, the pair could fall to 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 bearish trend
Trading Recommendation:
It is good to sell on rallies around 163.28-30 with a stop loss at 164.20 for a TP of 160.
