EURJPY pared most of its gains on board-based Japanese yen buying. It hit a low of 160.11 yesterday and is currently trading around 160.35.
Technicals-
The pair trades below 34- and above 55 EMA in the hourly chart.
The near-term resistance is around 160.90, a breach above targets 161.50/162/162.89/163.85. Major bullish continuation only above 163.87.The immediate support is at 159.80, any violation below will drag the pair to 158.95/158.
Indicator (hourly chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - bearish. All indicators confirm the bearish trend.
It is good to sell on rallies around 160.48-50 with SL around 161.15 for a TP of 158.
