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The EUR/JPY trades weak on policy divergence between BOJ and ECB. It hit a low of 156.31 and is currently trading around 156.71. The intraday outlook is bearish as long as the resistance of 160.25 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 157.50 a breakout here could lead to targets at 158/158.70/160.25/161/161.50/162/163/163.60/164/165/166.65/167.
- Immediate Support: At 156.30– if breached, the pair could fall to 158/157/156.25/155.49/155.
Indicator Analysis (4-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: bearish
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 157.50 with stop loss at 158.20 for a TP of 155.49/155.
