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EURJPY trades in a narrow range between 161.19 and 159 for the past three days. It hit a low of 159.86 yesterday and is currently trading around 160.75
Intraday bias remains bullish as long as support 159 holds.
Technicals-
The pair is trading above 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 161.20, a breach above targets 162/162.89. Major bullish continuation only above 163.87. The immediate support is at 160.50 any violation below will drag the pair to 159.85/159/158.80/158.40/157.
Indicator (4- Hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish. All indicators confirm a bullish trend.
It is good to buy above 161.20 with SL around 160.50 for a TP of 163.
