EURJPY pared some of its gains on board-based yen buying. As long as it remains below 182.30, the trend for now is bearish. It is currently around 180.91 after hitting a low of 180.80 yesterday.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, 200, and above 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 181.50,a breakout here could lead to targets at 182/182.30/182.85/183/183.60/184.35/184.92/186/187/188.69.
- Immediate Support: At 180.80, if breached, the pair could fall to 180/178.
Indicator Analysis (4- hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 181.48-50 with a stop loss at 182.30 for a TP of 180/178.95.
