EUR/JPY Poised for Breakout: Bullish Momentum Eyes 175 Target

EURJPY is consolidating after forming a minor top at 173.42.  It hits an intraday high of 173.28 and is currently trading at approximately 173.20. Intraday outlook remains bullish as long as support 171.80 holds.

Technical Analysis:

The EUR/JPY pair is trading above  55 EMA, above 200, and  365-H EMA  on the 1-hour  chart.

• Near-Term Resistance: Around 173.50, a breakout here could lead to targets at 173.89/174/175.
   
• Immediate Support: At 172.50 if breached, the pair could fall to 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 172.75-80 with a stop loss at 171.80 for a TP of 175.

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