EURJPY recovered above the 178 level after a minor sell-off. Intraday remains bullish as long as support 177.20 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 179,a breakout here could lead to targets at 180/183.
- Immediate Support: At 177.80, if breached, the pair could fall to 177.20/176.60/175.70/175.20/174.60/174/173.
Indicator Analysis (4-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 177.78-80 with a stop loss at 177 for a TP of 183.
