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EUR/JPY Holds Firm Above 183: Neutral Indicators Mask Upside Potential to 187

EURJPY showed a minor sell-off after hitting a multi-month high.  Intraday trend is bullish as long as support 183 holds. The pair posted an intraday high of 183.46 and is now hovering at roughly 183.54.

Technical Analysis:

The EUR/JPY pair is trading above 55 EMA,  200, and below  365-H EMA  on the 4-hour  chart.

  • Near-Term Resistance: Around 185,a breakout here could lead to targets at 186/187/188.69.
     
  • Immediate Support: At 183.40, if breached, the pair could fall to 183/182.70/182.

    Indicator Analysis  (4-hour chart):
  • CCI (50): Neutral
     
  • Average Directional Movement Index: Neutral


Overall, the indicators suggest a neutral trend

Trading Recommendation:

It is good to buy on dips around 183.38-40 with a stop loss at 183 for a TP of 186/187.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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