EUR/JPY: Bulls Eye 173 as Yen Weakness Persists

EURJPY holds above 171.50 on weak yen. It hits a high of 172.16  and is currently trading at approximately 171.815. 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-min  chart.

• Near-Term Resistance: Around 172.25, a breakout here could lead to targets at 173/175.
   
• Immediate Support: At 171.35 if breached, the pair could fall to 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 171.40 with a stop loss at 170.80 for a TP of 173

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