EURJPY declined after the ECB monetary policy meeting minutes.It hit a low of 160.66 and is currently trading around 160.97.
The minutes from the European Central Bank (ECB) confirm that the Central Bank leaves the door open for further rate cuts this year due to easing inflation.
Technicals-
The pair trades below 34- and 55 EMA in the hourly chart.
The near-term resistance is around 161.25, a breach above targets 161.70./161.85. The immediate support is at 160.65, any violation below will drag the pair to 160.40/160.
Indicator (hourly chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - bearish. All indicators confirm the bearish trend. So good to go short for 100 pips profit.
It is good to sell on rallies around 161.08-161.10 with SL around 160.75 for a TP of 160.
