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EURJPY showed a nice gap-up opening on weak yen. It hits an intraday high of 176.25 and is currently trading at approximately 175.38. Intraday outlook remains bullish as long as support 174.70 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 176.25, a breakout here could lead to targets at 176.80/178.
- Immediate Support: At 174.70, if breached, the pair could fall to 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 Bullish trend
Trading Recommendation:
It is good to buy on dips around 174.50 with stop loss at 173.78 for a TP of 176.25/178.
