EURJPY lost its shine on the strong yen. Intraday remains bearish as long as the resistance at 177.25 holds.
Technical Analysis:
The EUR/JPY pair is trading below above 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 177.30, a breakout here could lead to targets at 178/178.80/179/180/183.
- Immediate Support: At 176.40 if breached, the pair could fall to 175.70/175.20/174.60/174/173.
Indicator Analysis (4-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a bearish 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.
