EURJPY’s Triple Top Drama: Eyes on 172.50 Support

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
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• 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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