Weak Euro Drags EUR/JPY to 172.48 – Bears Eye 170 on Rally Sell

EURJPY pared most of its gains on a weak Euro. It hits an intraday low of 172.48 and is currently trading at approximately 172.61. Intraday outlook remains bearish as long as the resistance at 173.25 holds. Short-term outlook remains bullish as long as support 167.60 holds.

Technical Analysis:

The EUR/JPY pair is trading below  55 EMA,  above 200 and  365-H EMA  on the 1-hour  chart.

Near-Term Resistance: Around 172.85, a breakout here could lead to targets at 173.25/174.

Immediate Support: At 172.30 if breached, the pair could fall to 171.90/171.35/170.80/170/169.60/169/168.70/168.45/168.

Indicator Analysis  15-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 172.78-80  with a stop loss at 173.25  for a TP of 170/169.

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