EURJPY gained sharply on board-based Euro strength. It continues to be bullish so long as it's miles over 182.50. Having attained an intraday high of 184.24, it now hovers about 183.89.
Technical Analysis:
The EUR/JPY pair is above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 184.65, a breakout here could lead to targets at 185/186.25/187.
- Immediate Support: At 183.65, if breached, the pair could fall to 183/182.48/181.80/180.80/180.
Indicator Analysis (4- hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 183.28-30 with a SL around 182.50 for a TP of 186.
