EUR/JPY surged sharply on board-based yen weakness. It hit an intraday high of 164.17 and is currently trading around 164.09. Intraday outlook is bullish as long as the support 163 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200 and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 164.20 a breakout here could lead to targets at 165/166/166.65/167.
- Immediate Support: At 163.70 if breached, the pair could fall to 163.40/163/162.75/162/161.49/160.50/160/ 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 163.70-72 with stop loss at 163 for a TP of 166.
