EURJPY has formed a double bottom around 169.70-80 and showed a minor pullback on a strong Euro. It hits an intraday high of 171.46 and is currently trading at approximately 171.21. Intraday outlook remains bullish as long as support 169.80 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 15-min chart.
- Near-Term Resistance: Around 171.50, a breakout here could lead to targets at 172/172.40/173.
- Immediate Support: At 170.80 if breached, the pair could fall to 169.70/169/168.70/168.45/168.
Indicator Analysis 15-min chart): - CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 170.80 with stop loss at 169.70 for a TP of 173
