EURJPY trades above 169 as risk sentiment pushes Euro higher. It hits an intraday high of 169.40 and is currently trading at approximately 168.96.The short-term outlook for this pair is favorable, provided it stays above 167.60 holds.
Recently, the euro has demonstrated notable strength against the U.S. dollar, reflecting a variety of interconnected factors. Primarily, the reduction of geopolitical tensions in the Middle East—facilitated by a U.S.-brokered ceasefire between Iran and Israel—has diminished demand for traditional safe-haven assets such as the dollar.
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 170 a breakout here could lead to targets at 170/171/172.
- Immediate Support: At 168 if breached, the pair could fall to 167.60 166.50/ 165.95/165.55/164.50/164.
Indicator Analysis 4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest mixed trend
Trading Recommendation:
It is good to buy on dips around 168.50 with stop loss at 167.60 for a TP of 171/172.
