EURJPY trades below 170 level after a minor pullback.It hits a intraday low of 169.92 and is currently trading at approximately 170.10. Intraday outlook remains bearish as long as the resistance at 172.25 holds. Any breach below 169.70 confirms major weakness.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 170.25 a breakout here could lead to targets at 170.65/171.20/172.
- Immediate Support: At 169.70 if breached, the pair could fall to 169/168.70/168.45/168.
Indicator Analysis 15-min chart): - CCI (50): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 171 with a stop loss at 172 for a TP of 169/168.
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