EURJPY pared most of its gains on weak Euro. It hit a low of 159.63 at the time of writing and is currently trading around 159.71.
Intraday bias remains bearish as long as resistance 161.20 holds. The recovery from 155.15 got completed at 163.49 and major bullishness was only above 163.89.
Technicals-
The pair is trading below 34- and 55 EMA in the 15-minute chart.
The near-term resistance is around 161.20, a breach above targets 162/162.89/163.49. The immediate support is at 159.50 any violation below will drag the pair to 159/158.
Indicator (15-min chart)
CCI (50)- Bearish
Average directional movement Index - Bearish.. All indicators confirm a bearish trend.
It is good to sell on rallies around 160 with SL around 161.20 for a TP of 155.25.
