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EURJPY pared some of its gains on a strong yen. It hit a low of 170.28 yesterday and is currently trading at approximately 170.96. Intraday outlook remains bearish as long as the resistance at 172.25 holds. Short-term outlook remains bullish as long as support 167.60 holds.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 171.60, a breakout here could lead to targets at 172/172.25/172.75/173.25/174.
- Immediate Support: At 170.80 if breached, the pair could fall to 170/169.60/169/168.70/168.45/168.
Indicator Analysis (60-min chart): - CCI (50): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 171.58-60with stop loss at 172.25 for a TP of 170/169.
