EUR/JPY Slides Below 170 Barrier, Bears Eye 168 Lows

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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