EURJPY gained slightly above 185 as the yen trades weakly. The trend is bullish for now as long as it stays above 184. After reaching an intraday high of 185.28, it presently sits at around 185.22
Technical Analysis:
The EUR/JPY pair is trading above the 55 EMA, 200 EMA, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 185.67, a breakout here could lead to targets at 186.29/187/188.69.
- Immediate Support: At 184.64, if breached, the pair could fall to 184.35/183.80/183/182/181.75/180.
Indicator Analysis (1- 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 184.58-60 with a stop loss at 183.78 for a TP of 187.
