EURJPY trades weak after hitting a high (this week) of 161.26. It hit a low of 160.02 yesterday and is currently trading around 160.40.
Euro pared some of its gains yesterday after weak German CPI data
Technicals-
The pair trades above 34- and 55 EMA in the hourly chart.
The near-term resistance is around 160.75 (55-H MA), a breach above targets 161.26/161.50/162. Major bullish continuation only above 163.87. The immediate support is at 160, any violation below will drag the pair to 158.95/158.
Indicator (hourly chart)
CCI (14)- Bullish
CCI (50)- Bearish
Average directional movement Index - neutral. All indicators confirm the mixed trend.
It is good to stay away.
