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EURJPY has been consolidating in a narrow range between 173.91 and 172.14 for the past five days. It hit a high of 173.44 yesterday and is currently trading at approximately 173.08. Intraday outlook remains bullish as long as support at 172.50 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, above 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 173.50, a breakout here could lead to targets at 173.90/175.
- Immediate Support: At 172.50 if breached, the pair could fall to 171.80/170.80/169.70/169/168.70/168.45/168.
Indicator Analysis 4-hour 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 172.68-70 with a stop loss at 172 for a TP of 175.
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