FxWirePro- Sell EURJPY on rallies (15 min and one-hour setup)

Potential Reversal Zone (PRZ)- 162.50

EURJPY pared most of its gains on strong yen. It hit a low of 161.99 at the time of writing and is currently trading around 162.23.

Intraday bias remains bearish as long as resistance 163.50 holds. The recovery from 155.15 was completed at 163.49 and major bullishness was only above 163.89.

Technicals-

 The pair is trading below  34- and 55 EMA in the hourly and 15-minute chart.

 The near-term resistance is around 162.75, a breach above targets 163/163.49/163.89/165. The immediate support is at 161.99, any violation below will drag the pair to 161.70/161.20/160.65/160/159/158.35.

 Indicator (15 min chart and 1-hour chart)

 CCI (50)- Bearish

 Average directional movement Index - Bearish. All indicators confirm a bearish trend.

It is good to sell on rallies around 162.58-60  with SL around 163.50 for a TP of 160.