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EUR/JPY Bearish Bias Persists: Strategic Sell-on-Rally Setup Near 179.30 Target

 

 

EURJPY trades well below 180 after a minor pullback. It continues to be bearish so long as it's miles below 180. Having attained an  low of 178.06, it now hovers about 178.66.

Technical Analysis:

The EUR/JPY pair is below the 55 EMA,  200 EMA, 365-H EMA, and above  800- EMA  on the 4-hour   chart.

  • Near-Term Resistance: Around 180.25, a breakout here could lead to targets at 180.75/181.47/182/183/184.40/185.
     
  • Immediate Support: At 177.80, if breached, the pair could fall to 177/176/175.

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

    Overall, the indicators suggest a mixed trend

Trading Recommendation:

It is good to sell on rallies around 179.28-30 with a SL around 180.30 for a TP of 177.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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