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EURJPY took support near 365 H EMA and showed a minor pullback on the strong euro. It hit an intraday high of 176.46 and is currently trading at approximately 176.20. Intraday outlook remains bullish as long as support 175 holds.
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 175.85 if breached, the pair could fall to 175/174.50/173.
Indicator Analysis (1-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 175.78-80 with a stop loss at 175 for a TP of 178.
