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EURJPY hits a 16-year high as yen loses momentum due to political crisis in Japan. It hits an intraday high of 177.65 and is currently trading at approximately 177.59. Intraday outlook remains bullish as long as support 176 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 179.54/180.
- Immediate Support: At 176.90, if breached, the pair could fall to 176/175/173.78/173/171.80/170.80/169.70.
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 176.78-80 with a stop loss at 176 for a TP of 180. 176.25/178.
