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
