EURJPY pared most of its gains as the Euro loses momentum. Having attained an intraday high of 179.31, it now hovers around 178.29.
Technical Analysis:
The EUR/JPY pair is below the 55 EMA, below 200, 365-H EMA, and above 800- EMA on the 4-hour chart.
- Near-Term Resistance: Around 179.30, a breakout here could lead to targets at 180/180.78/181.55/182.
- Immediate Support: At 177.80, if breached, the pair could fall to 177/176/175.
Indicator Analysis (4-hour chart):
- CCI (50): Bearish
- Average Directional Movement Index: Mixed
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 178.48-50 with a SL around 179.30 for a TP of 176.
