EURJPY has traded in a narrow range between 184.71 and 183.90 for the past two days. It is still bullish as long as it is over 183.20 pairs. It now hovers around 184.04 after hitting an intraday high of 184.07.
Technical Analysis:
The EUR/JPY pair is above the 55 EMA, 200 EMA, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 185. A breakout here could target 186/187/188.69.
- 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 183.18-20 with a SL around 182.48 for a TP of 186.
