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EURJPY broke 170 after a long consolidation on weak yen. It hits a high of 170.60 and is currently trading at approximately 170.06. Intraday outlook remains bullish as long as support 168.70 holds. Short-term outlook remains bullish as long as support 167.60 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 170.60, a breakout here could lead to targets at 171/172/173.
- Immediate Support: At 169.85 if breached, the pair could fall to 169.60/169/168.70/168.45/168/167.60 166.50/ 165.95/165.55/164.50/164.
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 169.50 with a stop loss at 168.70 for a TP of 173/175.
