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EURJPY formed a triple top around 173.90-174 and showed a minor sell-off. Markets eye the US Fed's monetary policy today for further direction. It hits an intraday low of 173.45 and is currently trading at approximately 173.44. Intraday outlook remains bullish as long as support at 172.50 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, above 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 174, a breakout here could lead to targets at 174.38/175/176.
- Immediate Support: At 173 if breached, the pair could fall to 172.50-/171.80/170.80/169.70/169/168.70/168.45/168.
Indicator Analysis (4-hour chart):- CCI (50): Bullish
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest mixed trend
Trading Recommendation:
It is good to buy on dips around 172. 50 with stop loss at 171.80 for a TP of 175.
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