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EURJPY showed a minor pullback after forming a minor bottom at 175.70. Intraday remains bearish as long as the resistance at 177.25 holds.
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 176.85,a breakout here could lead to targets at 177.30/178/178.80/179/180/183.
- Immediate Support: At 175.70, if breached, the pair could fall to 175.20/174.60/174/173.
Indicator Analysis (4-hour 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 176.88-90 with stop loss at 177.50 for a TP of 175.
