EURJPY showed a minor pullback on weak yen. It hits an intraday low of 172.26 and is currently trading at approximately 172.89. Intraday outlook remains bearish as long as the resistance at 173.60 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, below 200 and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 173.25, a breakout here could lead to targets at 173.60/174/1975.10/176/176.80.
- Immediate Support: At 172.25, if breached, the pair could fall to 171.80/170.80/169.70/169/168.70/168.45/168.
Indicator Analysis (1-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 173 with a stop loss at 173.60 for a TP of 170.
