EUR/JPY Technical Outlook: Poised for Breakout Above 162.60

1. EUR/JPY Technical Outlook: Poised for Breakout Above 162.60

The EUR/JPY trades higher ahead of  ECB monetary policy today. It hits an intraday high of 162.57 and is currently trading around 162.45. The  intraday outlook is bullish  as long as the support 161.50 holds.

Technical Analysis:

The EUR/JPY pair is trading above  34, below 55 EMA, and 200-4H EMA in the 15 min chart.

Near-Term Resistance: Around 162.60, a breakout here could lead to targets at 163/163.30/164.20/165/166.65/167.

Immediate Support: At 162 if breached, the pair could fall to 161.50/161/160.50/160/  159.25/158.85/158.25.

Indicator Analysis 1-hour chart):

• CCI (50): Bullish
   
• Average Directional Movement Index: Bullish

Overall, the indicators suggest bullish trend

Trading Recommendation:

It is good to buy on dips around 162.38-40 with stop loss at 162.750 for a TP of 164.18.