EURJPY lost its shine on board-based Yen buying. It hits an intraday low of 173.70 and is currently trading at approximately 173.75. Intraday outlook remains bearish as long as the resistance at 175 holds.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 175, a breakout here could lead to targets at 176/176.80.
- Immediate Support: At 173.70, 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 (1-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a Bearish trend
Trading Recommendation:
It is good to sell on rallies around 174.38-40 with a stop loss at 175 for a TP of 172.50.
