EUR/JPY: Bulls Eye 170 as Support Holds Firm

EURJPY took support near 55- 4H EMA and showed a minor pullback. It hits an intraday high of 169.87 and is currently trading at approximately 169.63. 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, a breakout here could lead to targets at 171/172/173.
   
• Immediate Support: At 169  if breached, the pair could fall to 168.70/168.45/168/167.60 166.50/ 165.95/165.55/164.50/164.
  
  Indicator Analysis  4-hour chart):

1. CCI (50): Bullish
2. Average Directional Movement Index: Neutral

Overall, the indicators suggest mixed trend

Trading Recommendation:

It is good to buy above 170  with a stop loss at 168.70  for a TP of 173/175.