EURJPY moves higher for the second straight day following creation of a small bottom at roughly 181.78. The trend for now is bullish as long as it stays above 183. After reaching an intraday high of 185.16, it presently sits at around 185.10.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 185.67,a breakout here could lead to targets at 186.29/187/188.69.
- Immediate Support: At 183.80, if breached, the pair could fall to 183/182/181.75/180.
Indicator Analysis (1- 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 183.78-80 with a stop loss at 183 for a TP of 187.
