EURJPY has been consolidating in a narrow range with a neutral bias for the past 4 days. It continues to be bearish so long as it's miles below 186. Having attained a high of 185.46 yesterday, it now hovers about 184.85.
Technical Analysis:
The EUR/JPY pair is below 55 EMA, 200, 365-H EMA, and 800 EMA on the 4-hour chart.
- Near-Term Resistance: Around 186.30,a breakout here could lead to targets at 187/188.
- Immediate Support: At 184.80, 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): Neutral
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 185.28-30 with a SL around 186 for a TP of 183.
