EUR/JPY: Eyeing 170 and Beyond

1. EUR/JPY: Eyeing 170 and Beyond

EURJPY trades higher on board-based Euro buying. It hits an intraday high of 169.72 and is currently trading at approximately 169.61.The short-term outlook for this pair is favorable, provided it stays above 167.60 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 17,0 a breakout here could lead to targets at 170/171/172.
   
• Immediate Support: At 168.50  if breached, the pair could fall to 167.60, 166.50/ 165.95/165.55/164.50/164.
  
  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 169   with a stop loss at 168  for a TP of 171/172.