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EURJPY holds well below the psychological level of 160 on strong Yen. It hit a low of 158.55 yesterday and is currently trading around 158.86.
Technicals-
The pair trades below 34- and above 55 EMA in the hourly chart. The close below 160 confirms that the upside wave got completed at 163.87, a dip to 154.41 (Aug 5th low) is possible.
The near-term resistance is around 159.80, a breach above targets 160.35/160.80/161. Major bullish continuation only above 163.87.The immediate support is at 158.50, any violation below will drag the pair to 157.70/157.40.
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 159.45-50 with SL around 160.50 for a TP of 157.70/157
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