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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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