EURJPY retested its resistance, which turned into support at 183.20, and surged sharply as the yen lost momentum. It is still bullish as long as it is over 183.20 pairs. It now hovers around 184.63 after hitting an intraday peak of 184.68.
Technical Analysis:
The EUR/JPY pair is above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 184.70, a breakout here could lead to targets at 185/186/187/188.69.
- Immediate Support: At 184.20, if breached, the pair could fall to 183.60/183.20/182.80/182.48/181.80/180.80/180.
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 184.18-20 with a SL around 183.20 for a TP of 186.85.
