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EURJPY surged past the 185 level after a long consolidation. It continues to be bullish so long as it's miles over 183.49. Having attained an intraday high of 185.44, it now hovers about 185.08.
Technical Analysis:
The EUR/JPY pair is above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 185.50,a breakout here could lead to targets at 186.25/187.
- Immediate Support: At 184.30, if breached, the pair could fall to 183.65/183/182.48/181.80/180.80/180.
Indicator Analysis (4- hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to buy on dips around 184.58-60 with a SL around 183.65 for a TP of 186/187.
