EURJPY trades after weak Tokyo CPI data. It hit a high of 173.17 yesterday and is currently trading at approximately 172.73. Intraday outlook remains bullish as long as support 171.68 holds. Short-term outlook remains bullish as long as support 167.60 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, above 200 and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 173.25, a breakout here could lead to targets at 174/175.
- Immediate Support: At 172.48 if breached, the pair could fall to 172/171.68/171.35/170.80/170.
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 172 with a stop loss at 171.35 for a TP of 173.25/174.
