Bearish Clouds Over EUR/JPY: 183 Is the Line in the Sand

 

 

 

EURJPY lost its shine on board-based yen buying. As long as it remains below 183, the trend for now is bearish. It is currently around 181.28 after hitting an intraday low of 180.85.

Technical Analysis:

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

1. Near-Term Resistance: Around 182.20,a breakout here could lead to targets at 182.60/183/183.75/184.35/184.92/186/187/188.69.
    
2. Immediate Support: At 180.80, if breached, the pair could fall to 180/178.
   
   Indicator Analysis  (4- hour chart):
3. CCI (50): Bearish
    
4. Average Directional Movement Index: Bearish
   
   Overall, the indicators suggest a bearish trend

Trading Recommendation:

It is good to sell on rallies around 182 with a stop loss at 183 for a TP of 180.