EURJPY has formed triple bottom around 180.20 and showed a minor pullback. Intraday is bullish as long as support 180 holds. With an intraday high of 180.80, it now trades at about 180.807.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and below 365-H EMA on the 15-minute chart.
- Near-Term Resistance: Around 180.80, a breakout here could lead to targets at 181.55/182/182.62/183/185.
- Immediate Support: At 180, if breached, the pair could fall to 179.70/ 179.20/178.90/178.40/178/177.25/176/175.20.
Indicator Analysis (15-min 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 180.48-50 with a stop loss at 180 for a TP of 182/183.
