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The EUR/JPY surged more than 100 pips this week on the weak yen. It hit an intraday high of 164.75 and is currently trading around 164.27. The bullish intraday outlook is maintained as long as the support of 159.80 holds.
Technical Analysis:
The EUR/JPY pair is trading above the 55 EMA and 34 EMA as well as the 200 EMA in the weekly chart.
- Near-Term Resistance: Around 165– a breakout here could lead to targets at 166.65/167.
- Immediate Support: At 162.30 – if breached, the pair could fall to 161.80/161/160/159/158.60/158.
Indicator Analysis (Weekly chart): - CCI (50): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend.
Trading Recommendation:
Consider buying on dips around 164, with a stop loss at 163, targeting take profit levels at 166.65.
