EURJPY showed a minor pullback on yen weakness. It hit a high of 162.17 and is currently trading around 161.97.
The policy divergence between the BOJ and ECB puts pressure on the pair at higher levels.
Technicals-
The pair is trading above 34- and 55 EMA in the hourly chart.
The near-term resistance is around 161.85 (200- H MA), a breach above targets 162.16/162.50/162.93. The immediate support is at 161.50, any violation below will drag the pair to 161/160.40/160.
Indicator (hourly chart)
CCI (14)- Bullish (above 100)
CCI (50)- Bullish (below 100)
Average directional movement Index - neutral. All indicators confirm the mixed trend.
It is good to buy on dips of 161.90 with SL around 161.45 for a TP of 163.
