EUR/JPY Rebounds: Double Bottom Signals Potential for Further Gains

EURJPY  has formed a double bottom around 169.70-80 and showed a minor pullback on a strong Euro. It hits an intraday high of 171.46 and is currently trading at approximately 171.21. Intraday outlook remains bullish as long as support 169.80 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 171.50, a breakout here could lead to targets at 172/172.40/173.
   
• Immediate Support: At 170.80 if breached, the pair could fall to 169.70/169/168.70/168.45/168.
  
  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 buy on dips around 170.80 with stop loss at 169.70  for a TP of 173