EURJPY trades higher and holds above 177.50 level as yen loses momentum due to political uncertainty. Intraday remains bullish as long as support 176.60 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 178, a breakout here could lead to targets at 178.80/180/183.
- Immediate Support: At 177, if breached, the pair could fall to 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 with a stop loss at 175.70 for a TP of 180.
