EURJPY is consolidating in a narrow range after a minor pullback. It continues to be bullish so long as it's miles above 183. Having attained an intraday high of 183.90, it now hovers about 183.88.
Technical Analysis:
The EUR/JPY pair is above 55 EMA, 200, 365-H EMA and below 800- EMA on the 1-hour chart.
- Near-Term Resistance: Around 185,a breakout here could lead to targets at 186/187.
- Immediate Support: At 184, if breached, the pair could fall to 183/182.15/181.60/180.80/180.
Indicator Analysis (4-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 183.78-80 rallies around 183 with a SL around 182 for a TP of 185.
