EUR/JPY Smashes 174 Resistance: Euro Soars to 3.5-Year High, Bullish Momentum Targets 175

EURJPY  broke significant resistance at 174 after a long consolidation. The euro gained momentum and reached its three-and-a-half-year high against the US  dollar.  It hits an intraday high of 174.09 and is currently trading at approximately 174.06. Intraday outlook remains bullish as long as support at 173 holds.

Technical Analysis:

The EUR/JPY pair is trading above  55 EMA, above 200 and  365-H EMA  on the 4-hour  chart.

• Near-Term Resistance: Around 174.20,a breakout here could lead to targets at 174.38/175/176.
   
• Immediate Support: At 173, if breached, the pair could fall to 172.50-/171.80/170.80/169.70/169/168.70/168.45/168.
  
  Indicator Analysis  4-hour 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 173.68-70 with stop loss at 173 for a TP of 175.