EURJPY holds above the 177 level as the Euro showed a minor pullback. It hits an intraday high of 177.21and is currently trading around 177.01. Intraday remains bearish as long as the resistance at 177.25 holds.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 177.50, a breakout here could lead to targets at 178/178.80/179/180/183.
- Immediate Support: At 176.60, if breached, the pair could fall to 176.60/175.20/174.60/174/173.
Indicator Analysis (4-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 176.68-70 with a stop loss at 175.70 for a TP of 179.
