Yen Weakness Props Up EURJPY: 175 Holds Key to Bullish Surge

 

The EURJPY pair remains flat, moving close to 175.87 after reaching an intraday low of 175.76, due to the yen's weakness, which is neutralizing the euro's decline. The immediate perspective is still positive to the upside as long as the price is maintained above the crucial support level at 175.

 

Technical Analysis:

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

1. Near-Term Resistance: Around 176.50,a breakout here could lead to targets at 177/178.
2. Immediate Support: At 175.70 if breached, the pair could fall to 175.20/174.60/174/173.
   
   Indicator Analysis  (4-hour chart):

• CCI (50): Neutral
   
• Average Directional Movement Index:  Neutral

Overall, the indicators suggest a mixed trend

Trading Recommendation:

It is good to buy on dips around 175.78-80 with a stop loss at 174.80 for a TP of 178.