EURJPY gained slightly as the Euro recovers. It continues to be bullish so long as it's miles above 185. Having attained an intraday high of 186.68, it now hovers about 186.608.
Technical Analysis:
The EUR/JPY pair is above the 55 EMA, 200, 365-H EMA, and 800- EMA on the 4-hour chart.
- Near-Term Resistance: Around 186.75; a breakout here could lead to targets at 187/188.
- Immediate Support: At 185, if breached, the pair could fall to 184/183.65/183/182.48/181.80/180.80/180.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to buy on dips around 186 with a SL around 185 for a TP of 188/189.
