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The EUR/JPY declined sharply on board-based Euro selling. It hit a low of 158.44 and is currently trading around 158.53. The intraday outlook is bearish as long as the resistance 160 holds.
Technical Analysis:
The EUR/JPY pair is trading below the 34,55 EMA and 200-4H EMA in the 4-hour chart.
- Near-Term Resistance: Around 159.20 a breakout here could lead to targets at 159.70/160/161.50/162/163/163.60/164/165/166.65/167.
- Immediate Support: At 158.40– if breached, the pair could fall to 157.76/156.25.
Indicator Analysis (4-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a bearish trend.
Trading Recommendation:
It is good to sell on rallies around 161.58-60 with a stop loss at 163 for a TP of 157.75.
