EUR/JPY Bounces Off Key Support: Euro Strength Fuels Bullish Push Toward 178

EURJPY took support near 365 H EMA and showed a minor pullback on the strong euro. It hit an intraday high of 176.46 and is currently trading at approximately 176.20. Intraday outlook remains bullish as long as support 175 holds.

Technical Analysis:

The EUR/JPY pair is trading above  55 EMA, below  200 and  365-H EMA  on the 1-hour  chart.

• Near-Term Resistance: Around 176.50, a breakout here could lead to targets at 177/178.
   
• Immediate Support: At 175.85 if breached, the pair could fall to 175/174.50/173.
  
  Indicator Analysis  (1-hour chart):
   
• CCI (50): Bullish
   
• Average Directional Movement Index:  Neutral

Overall, the indicators suggest a mixed trend

Trading Recommendation:

It is good to buy on dips around 175.78-80 with a stop loss at 175 for a TP of 178.