EURJPY surged sharply on a weak yen. It hits an intraday high of 171.98 and is currently trading at approximately 171.89. Intraday outlook remains bullish as long as support 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 1-hour chart.
- Near-Term Resistance: Around 172.25, a breakout here could lead to targets at 172.58/172.96.
- Immediate Support: At 170.80 if breached, the pair could fall to 170/169.60/169/168.70/168.45/168/167.60 166.50/ 165.95/165.55/164.50/164.
Indicator Analysis 1-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to buy on dips around 171.75-80 with a stop loss at 170.80 for a TP of 175.
