EUR/JPY Pulls Back: Bears Eye 170 Amidst Yen Rebound

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):

1. CCI (50): Neutral
2. 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.

Z