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EURJPY is consolidating after hitting a 16-year high. It hits an intraday high of 177.78 and is currently trading at approximately 177.617. Intraday outlook remains bullish as long as support 176 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 178, a breakout here could lead to targets at 179.54/180.
- Immediate Support: At 176.90, if breached, the pair could fall to 176/175/173.78/173/171.80/170.80/169.70.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest a Bullish trend
Trading Recommendation:
It is good to buy on dips around 176.78-80 with a stop loss at 176 for a TP of 180. 176.25/178.
