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EURJPY gained above 174 on a strong Euro. It hits an intraday high of 174.255 and is currently trading at approximately 174.23. Intraday outlook remains bullish as long as support 173 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 174.50, a breakout here could lead to targets at 175/176.
- Immediate Support: At 173.45, if breached, the pair could fall to 173/172.50-/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 173.95-74 with a stop loss at 173.40 for a TP of 176.
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