EUR/JPY Breaks Out Above 170: Bulls Target 173 After Long Consolidation

EURJPY broke 170 after a long consolidation on weak yen. It hits a high of 170.60 and is currently trading at approximately 170.06. Intraday outlook remains bullish as long as support  168.70 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 4-hour  chart.

• Near-Term Resistance: Around 170.60, a breakout here could lead to targets at 171/172/173.
   
• Immediate Support: At 169.85  if breached, the pair could fall to 169.60/169/168.70/168.45/168/167.60 166.50/ 165.95/165.55/164.50/164.
  
  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 169.50  with a stop loss at 168.70  for a TP of 173/175.