EURJPY pared some of its gains on a weak Euro. Intraday remains bullish as long as support 176.60 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 179/180/183.
- Immediate Support: At 177.20, if breached, the pair could fall to 176.60/175.70/175.20/174.60/174/173.
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 177.20-25 with a stop loss at 176.60 for a TP of 180..
