EURJPY pared most of its gains on the strong yen. It hits an intraday low of 170.96 and is currently trading at approximately 171.06..Intraday outlook remains bearish as long as the resistance at 172 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 171.50, a breakout here could lead to targets at 171.80/173/174/175.
- Immediate Support: At 170.80 if breached, the pair could fall to 170.50/169.70/169/168.70/168.45/168.
Indicator Analysis 4-hour chart):
- CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 171.58-60 with a stop loss at 172.25 for a TP of 169.70/168.
