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EURJPY pair holds above 176.50 despite a weak Euro. Intraday remains bullish as long as support 175.75 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, below 200 and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 177, a breakout here could lead to targets at 178/180.
- Immediate Support: At 175.70, if breached, the pair could fall to 175.20/174.60/174/173.
Indicator Analysis (4-hour 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 176.48-50 with a stop loss at 175.70 for a TP of 178.
