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EURJPY lost its shine in today’s European session after a minor pullback due to the strong yen. It hits an intraday high of 172.74 and is currently trading at approximately 172.94. Intraday outlook remains bearish as long as the resistance at 173.25 holds. Short-term outlook remains bullish as long as support at 167.60 holds.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, above 200 and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 172.50, a breakout here could lead to targets at 172.96/173.25/174.
- Immediate Support: At 171.80 if breached, the pair could fall to 171.35/170.80/170/169.60/169/168.70/168.45/168/167.60 166.50/ 165.95/165.55/164.50/164.
Indicator Analysis 1-hour chart):
- CCI (50): Neutral
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 172.18-20 with a stop loss at 173.25 for a TP of 170.
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