EUR/JPY Dims as Yen Surges: Bearish Outlook Targets 169.70 Amid Geopolitical Tensions

EURJPY  lost its shine yesterday as the yen gained momentum due to the escalation of geopolitical tension. It hit a low of 172.14 yesterday and is currently trading at approximately 172.56. The intraday outlook remains bearish as long as the resistance at 173.90 holds.

Technical Analysis:

The EUR/JPY pair is trading below  55 EMA, above 200 and  365-H EMA  on the 60-minute chart.

• Near-Term Resistance: Around 172.80 a breakout here could lead to targets at 173.22/173.90/175.
   
• Immediate Support: At 172.30 if breached, the pair could fall to 171.80/170.80/169.70/169/168.70/168.45/168.
  
  Indicator Analysis  (60 min chart):
• CCI (50): Bearish
• Average Directional Movement Index:  Neutral

Overall, the indicators suggest mixed trend

Trading Recommendation:

It is good to sell on rallies around 173.20-25 with stop loss at 174 for a TP of 169.70.

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Z