EURJPY has once again declined after a minor jump above 173. Watch out for 173.50 for further upside. It hits an intraday low of 172.45 and is currently trading at approximately 172.813. Intraday outlook remains bullish as long as support 171.80 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, above 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 173.50, a breakout here could lead to targets at 173.89/174/175.
- Immediate Support: At 172.40 if breached, the pair could fall to 171.80/170.80/169.70/169/168.70/168.45/168.
Indicator Analysis 1-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 172.48-50 with a stop loss at 171.80 for a TP of 175.
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