EURJPY is consolidating in a narrow range after a minor pullback. It continues to be bullish so long as it's miles above 183.80. After reaching an intraday high of 185.95, it now hovers around 185.88.
Technical Analysis:
The EUR/JPY pair is above the 55 EMA, 200 EMA, and 365-H EMA, and below the 800 EMA on the 4-hour chart.
- Near-Term Resistance: Around 186.20, a breakout here could lead to targets at 187/188.
- Immediate Support: At 185, if breached, the pair could fall to 183.80-/183/182.15/181.60/180.80/180.
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 185.20-25 with an SL around 184 for a TP of 187.
