EURJPY pared most of its gains as the yen gained momentum. Intraday trend is bearish as long as the resistance at 183.15 holds. The pair posted an intraday low of 181.83 and is now hovering at roughly 182.11.
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 182.50, a breakout here could lead to targets at 183/185.
- Immediate Support: At 181.80, if breached, the pair could fall to 181.30/180.87/180/179.70/ 179.20/178.90/178.40/178.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to sell on rallies around 182.58-60 with a stop loss at 183.15 for a TP of 180.
