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EURJPY traded in a narrow range between 169.82 and 172.33 for the past 5 days. It hits an intraday high of 172.19 and is currently trading at approximately 172.04. Intraday outlook remains bullish as long as support 169.80 holds.
Technical Analysis:
The EUR/JPY pair is trading above the 55 EMA, 200 EMA, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 172.30, a breakout here could lead to targets at 173/175.
- Immediate Support: At 171.25 if breached, the pair could fall to 170.80/170.50/169.70/169/168.70/168.45/168.
Indicator Analysis 4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 172 with a stop loss at 171.25 for a TP of 174.
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