EURJPY showed a minor sell-off after hitting a multi-month high. Intraday trend is bullish as long as support 183 holds. The pair posted an intraday high of 183.46 and is now hovering at roughly 183.54.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and below 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 185,a breakout here could lead to targets at 186/187/188.69.
- Immediate Support: At 183.40, if breached, the pair could fall to 183/182.70/182.
Indicator Analysis (4-hour chart): - CCI (50): Neutral
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a neutral trend
Trading Recommendation:
It is good to buy on dips around 183.38-40 with a stop loss at 183 for a TP of 186/187.
