EUR/JPY Spikes to 184.71, Then Retreats — Key Support at 183.20 Defends Bulls, Eyes 186 Breakout

EURJPY shed some of its gains due to profit booking. It is still bullish as long as it is over 183.20 pairs. It now hovers around 184.23 after hitting an intraday peak of 184.71.

Technical Analysis:

The EUR/JPY pair is above 55 EMA,  200, and 365-H EMA  on the 4-hour  chart.

• Near-Term Resistance: Around 185,a breakout here could lead to targets at 186/187/188.69.
   
• Immediate Support: At 183.20, if breached, the pair could fall to 182.80/182.48/181.80/180.80/180.
  
  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 buy on dips around 183.18-20 with a SL around 182.48 for a TP of 186.