EURJPY formed a double bottom near 186 and showed a minor pullback. It continues to be bullish so long as it's miles over 185. Having attained an intraday high of 187.03, it now hovers about 187.02.
Technical Analysis:
The EUR/JPY pair is above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 188, a breakout here could lead to targets at 188.50/189/190.
- Immediate Support: At 185.40, if breached, the pair could fall to 184.50/183.65/183/182.48/181.80/180.80/180.
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 186.58-60 with a SL around 185.80 for a TP of 189.45/190.
