EURJPY pared some of its gains on board-based Euro weakness. It continues to be bearish so long as it's miles below 186. Having attained an intraday low of 184.55, it now hovers about 184.76.
Technical Analysis:
The EUR/JPY pair is below 55 EMA, 200 EMA, 365-H EMA and above 800- EMA on the 4-hour chart.
- Near-Term Resistance: Around 185, a breakout here could lead to targets at 186/187.
- Immediate Support: At 184, if breached, the pair could fall to 183/182.15/181.60/180.80/180.
Indicator Analysis (4-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 185.28-30 rallies around 186.20 with a SL for a TP of 183.
