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EURJPY surged above 180 level on board-based yen weakness. Intraday remains bullish as long as support 177.25 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 178.50,a breakout here could lead to targets at 178.80/179/180/183.
- Immediate Support: At 178.80, if breached, the pair could fall to 178/177.25/176/175.20/174.60/174/173.
Indicator Analysis (1-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 178 with a stop loss at 177.25 for a TP of 180.
