EUR/JPY Eyes 185.00 Breakout as Broad Euro Buying Drives Upside Momentum

 

EURJPY gained above 184.50 on board-based Euro buying. It continues to be bullish so long as it's miles above 183. Having attained an intraday high of 184.77, it now hovers about 184.68.

Technical Analysis:

The EUR/JPY pair is above the 55 EMA,  200 EMA, 365-H EMA, and 800 EMA  on the 4-hour   chart.

1. Near-Term Resistance: Around 184.80, a breakout here could lead to targets at 185/186/187.
    
2. Immediate Support: At 183.50, if breached, the pair could fall to 183/182.15/181.60/180.80/180.
   
   Indicator Analysis  (4-hour chart):
3. CCI (50): Bullish
    
4. Average Directional Movement Index:  Neutral
   
   Overall, the indicators suggest a mixed trend

Trading Recommendation:

It is good to buy on dips around 183.78-80, rallies around 183, with an SL around 182  for a TP of 185.