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EURJPY trades higher ahead of ECB monetary policy. It hit a high of 157.34 and is currently trading around 157.29.
Technicals-
The pair trades above 34- and 55 EMA in the hourly chart.
The near-term resistance is around 157.65, a breach above targets 158.11/158.70/159.68. Overall bias remains weak as long as resistance 160 holds—major bullish continuation only above 163.87. The immediate support is at 156.60, any violation below will drag the pair to 155.45/155.
Indicator (hourly chart)
CCI (14)- Bullish
CCI (50)- Bearish
Average directional movement Index - Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 156.62-65 with SL around 156 for a TP of 158/158.68.
