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Harmonic pattern- Bearish BAT pattern
Potential Reversal Zone (PRZ)- 162.50
EURJPY pared most of its gains on the weak Euro. It hit a low of 1161.37 at the time of writing and is currently trading around 161.60.
Intraday bias remains bearish as long as resistance 162.50 holds. The recovery from 155.15 was completed at 163.49 and major bullishness was only above 163.89.
Technicals-
The pair trades below 34- and 55 EMA in the hourly chart.
The near-term resistance is around 162, a breach above targets 162.50/162.89/163.49. The immediate support is at 161.20 (resistance turned into support) any violation below will drag the pair to 160.65/160/159/158.35.
Indicator (Hourly chart)
CCI (50)- Bullish
CCI(14)- Bearish
Average directional movement Index - Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 162 with SL around 162.75 for a TP of 160.05.
