EURJPY trades flat after a minor pullback. It hits an intraday high of 171.89 and is currently trading at approximately 171.80. 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 4-hour chart.
- Near-Term Resistance: Around 172.30, 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 stop loss at 170.80 for a TP of 173
Z
