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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.
- Near-Term Resistance: Around 176.50,a breakout here could lead to targets at 177/178.
- 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.
