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EURJPY pared some of its gains on the strong yen. It hits an intraday low of 173.48 and is currently trading at approximately 173.891. Intraday outlook remains bullish as long as support 173 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 174.20,a breakout here could lead to targets at 174.48/175/176.
- Immediate Support: At 173 if breached, the pair could fall to 172.50-/171.80/170.80/169.70/169/168.70/168.45/168.
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 173.48-50 with a stop loss at 173 for a TP of 175.
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