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The EUR/JPY recovered sharply on the weak yen. It hit an intraday high of 159.68 and is currently trading around 159.62. The intraday outlook is bullish as long as the support 158 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 160 a breakout here could lead to targets at 160.65/161.50/162/163/163.60/164/165/166.65/167.
- Immediate Support: At 158.80– if breached, the pair could fall to 158/157/156.25.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a bearish trend.
Trading Recommendation:
It is good to buy on dips around 158.80 with stop loss at 158 for a TP of 162.
