EURJPY lost its shine on a weak Euro. It hits an intraday low of 171.26 and is currently trading at approximately 171.65. Intraday outlook remains bearish as long as the resistance at 172.35 holds. Short-term outlook remains bullish as long as support 167.60 holds.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 172.35, a breakout here could lead to targets at 172.75/173.25/174.
- Immediate Support: At 171.25 if breached, the pair could fall to 170.80/170/169.60/169/168.70/168.45/168.
Indicator Analysis 60-min chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 172 with stop loss at 172.75 for a TP of 170/169.
