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EURJPY is consolidating after hitting a multi-month high. It hit a high of 173.24 and is currently trading at approximately 172.125. Intraday outlook remains bullish as long as support at 170 holds. Short-term outlook remains bullish as long as support 167.60 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 172.50, a breakout here could lead to targets at 172.96/173.25/174.
- Immediate Support: At 171.60 if breached, the pair could fall to 170.80/170/169.60/169/168.70/168.45/168/167.60 166.50/ 165.95/165.55/164.50/164.
Indicator Analysis 4-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest bullish trend
Trading Recommendation:
It is good to buy on dips around 171.75-80 with stop loss at 170.80 for a TP of 175.
