EUR/JPY Surges to 172.54: Bullish Momentum Eyes 175 Target

EURJPY gained sharply strong Euro. It hits an intraday high of 172.54 and is currently trading at approximately 172.45. Intraday outlook remains bullish as long as support 169.75 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 172.50, a breakout here could lead to targets at 173/173.89/174/175.
   
• Immediate Support: At 171.10 if breached, the pair could fall to 170.80/169.70/169/168.70/168.45/168.
  
  Indicator Analysis  4-hour chart)
  :
• CCI (50): Bullish
   
• Average Directional Movement Index:  Bullish

Overall, the indicators suggest a mixed trend

Trading Recommendation:

It is good to buy on dips around 171.80 with a stop loss at 170.80 for a TP of 174.