EUR/JPY Faces Triple Top Test: Sell Rallies Amid Mixed Signals
EURJPY formed a triple top near 169.62-85 and declined slightly. It hits an intraday high of 169.62 and is currently trading at approximately 169.34. Intraday outlook remains weak as long as the resistance at 170 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 15-min chart.
- Near-Term Resistance: Around 169.85, a breakout here could lead to targets at 170/171/172.
- Immediate Support: At 169.15 if breached, the pair could fall to 168.45/168/167.60, 166.50/ 165.95/165.55/164.50/164.
Indicator Analysis 15 min chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 169.48-50 with a stop loss at 170 for a TP of 168.
