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EURJPY showed a minor pullback due to short covering. Having attained an intraday low of 176.48, it now hovers around 177.24.
Technical Analysis:
The EUR/JPY pair is below the 55 EMA, below 200, 365-H EMA, and above 800- EMA on the 4-hour chart.
- Near-Term Resistance: Around 177.60, a breakout here could lead to targets at 178.25/180/180.78/181.55/182.
- Immediate Support: At 176.50, if breached, the pair could fall to 176/175/174.20.
Indicator Analysis (4-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Mixed
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 177.58-60 with a SL around 178.40 for a TP of 176/175.
