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The EUR/JPY gained more than 150 pips from yesterday low after Trump pauses tariff for 90 days. It hits an low of 159.48 yesterday and is currently trading around 161.05. The intraday outlook is bearish as long as the resistance 162.20 holds.
Technical Analysis:
The EUR/JPY pair is trading above 34, below 55 EMA and 200-4H EMA in the 4-hour chart.
- Near-Term Resistance: Around 161.50 a breakout here could lead to targets at 162.20/ 162.60/163/163.36/164.20/165/166.65/167.
- Immediate Support: At 160.80 if breached, the pair could fall to 160/ 159.25/158.85/158.25.
Indicator Analysis 4-hour chart):
- CCI (50): Neutral
- Average Directional Movement Index: neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 161.25-30 with stop loss at 162.20 for a TP of 158.50.
