EURJPY halted its previous week's bearish trend and showed a minor pullback. It hit a low of 157.46 yesterday and is currently trading around 158.27.
Technicals-
The pair trades below 34- and 55 EMA in the 8-hour chart.
The near-term resistance is around 158.70 (23.6% fib retracement of 162.89 and 157.46), a breach above targets 159.35/160. Intraday bias remains weak as long as 160 holds—major bullish continuation only above 163.87. The immediate support is at 157.40, any violation below will drag the pair to 156.50/154.40.
Indicator (8-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - bearish. All indicators confirm a bearish trend.
It is good to sell on rallies around 159 with SL around 160.15 for TP of 154.51.
