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EURJPY trades higher on board-based Euro buying. It hits an intraday low 168.60 and is currently trading at approximately 169.36.The short-term outlook for this pair is favorable, provided it stays above 167.60 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200 and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 170 a breakout here could lead to targets at 170/171/172.
- Immediate Support: At 168.50 if breached, the pair could fall to 167.60 166.50/ 165.95/165.55/164.50/164.
Indicator Analysis 4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest mixed trend
Trading Recommendation:
It is good to buy on dips around 169 with stop loss at 168 for a TP of 171/172.
