EURJPY pared some of its gains on the strong yen. It hits an intraday high of 172.85 and is currently trading at approximately 172.46. Intraday outlook remains bullish as long as support 169.80 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 15-minute chart.
- Near-Term Resistance: Around 172.85, a breakout here could lead to targets at 174/175.
- Immediate Support: At 172, if breached, the pair could fall to 171.60/170.80/170.50/169.70/169/168.70/168.45/168.
Indicator Analysis 4-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 172 with a stop loss at 171.25 for a TP of 174.
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