EURJPY formed a triple bottom around 182 and showed a minor pullback. It is still bullish as long as it is over 181.80. It now hovers around 182.86 after hitting an intraday low of 182.02.
Technical Analysis:
The EUR/JPY pair is below 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): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to buy on dips around 182 with a SL around 180.80 for a TP of 185.
