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EURJPY has formed a double top around 173.90-91 and showed a minor decline as the yen gains momentum. It hit a high of 173.65 yesterday and is currently trading at approximately 172.98. Intraday outlook remains bearish as long as the resistance at 173.90 holds.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, above 200 and 365-H EMA on the 15-minute chart.
- Near-Term Resistance: Around 173.65, a breakout here could lead to targets at 173.90/175.
- Immediate Support: At 172.80 if breached, the pair could fall to 172.40/171.80/170.80/169.70/169/168.70/168.45/168.
Indicator Analysis 15-min chart): - CCI (50): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 173.20-25 with a stop loss at 174 for a TP of 169.70.
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