EUR/JPY: Bullish Bias Remains Despite Mixed Signals; Eyes 174 on Dips

EURJPY traded in a narrow range between 169.82 and 172.33 for the past 5 days. It hits an intraday high of 172.19  and is currently trading at approximately 172.04. Intraday outlook remains bullish as long as support 169.80 holds.

Technical Analysis:

The EUR/JPY pair is trading above the 55 EMA, 200 EMA, and 365-H EMA on the 4-hour chart.

• Near-Term Resistance: Around 172.30, a breakout here could lead to targets at 173/175.
   
• Immediate Support: At 171.25 if breached, the pair could fall to 170.80/170.50/169.70/169/168.70/168.45/168.
  
  Indicator Analysis  4-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 172 with a stop loss at 171.25 for a TP of 174.

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