EURJPY is consolidating in a narrow range with a neutral bias. As long as it remains above 182, the trend for now is bullish. It is currently around 183.68 after hitting an intraday high of 183.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, above 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 184,a breakout here could lead to targets at 184.35/184.92/186/187/188.69.
- Immediate Support: At 183, if breached, the pair could fall to 182/181.75/180.
Indicator Analysis (1- hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a neutral trend
Trading Recommendation:
It is good to buy on dips around 183 with a stop loss at 182 for a TP of 185.
