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EURJPY showed a minor sell-off below 200-4H EMA and recovered more than 150 pips on board-based Euro buying. Intraday remains bullish as long as support 175.70 holds.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, above 200 and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 177.30, a breakout here could lead to targets at 178/178.80/179/180/183.
- Immediate Support: At 176.30, if breached, the pair could fall to 175.70/175.20/174.60/174/173.
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 176.40-42with a stop loss at 175.70 for a TP of 178/178.80/180.
