EURJPY showed a minor profit-booking after forming a temporary top of 179.975. Intraday remains bullish as long as support 178.40 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 180, a breakout here could lead to targets at 183/185.
- Immediate Support: At 178.80, if breached, the pair could fall to 178.40/178/177.25/176/175.20/174.60/174/173.
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 178 with stop loss at 177.25 for a TP of 180.
