On broad-based yen weakness, EURJPY sells over 183.50. It continues to be bullish so long as it's miles over 182.. Having attained an intraday high of 183.76, it now hovers about 183.595.
Technical Analysis:
The EUR/JPY pair is above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 183.80, a breakout here could lead to targets at 184.20/184.60/185/186.25.
- Immediate Support: At 183.20, if breached, the pair could fall to 182.80/182.48/181.80/180.80/180.
Indicator Analysis (4- hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to buy on dips around 183 with a SL around 182 for a TP of 186.
