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EURJPY trades flat with positive bias. It hits an intraday high of 174.87 and is currently trading at approximately 174.549. The intraday outlook remains bullish as long as support at 173.78 holds.
Technical Analysis:
The EUR/JPY pair is trading above the 55 EMA, 200 EMA, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 175,a breakout here could lead to targets at 176/176.80.
- Immediate Support: At 173.78, if breached, the pair could fall to 173.45/173/172.50-/171.80/170.80/169.70/169/168.70/168.45/168.
Indicator Analysis 4-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest a Bullish trend
Trading Recommendation:
It is good to buy on dips around 174.28-30 with a stop loss at 173.78 for a TP of 176.
